Coatue Management leads Series E round spearheaded by current investors

DALLAS: Island, the Enterprise Browser company, announced its $250 million Series E financing round. This brings Island’s valuation to $4.8 billion in less than five years since its 2020 founding.

Coatue Management led the new funding, with several existing investors participating in the round. Island has secured approximately $730 million in outside investment to date.

“The Enterprise Browser upgrades web browsers from a dedicated consumer software package to an enterprise-ready solution, adding value to knowledge workers, IT departments, and security teams. Island improves productivity, simplifies the IT stack, reduces complexity, and embeds security,” said Mike Fey, CEO and Co-founder of Island. “Organizations of all sizes and industries have made Island the cornerstone of their IT modernization initiatives. The new funding will help scale our product development and talent acquisition to meet enterprises’ demanding and evolving IT needs.”

Island has approximately 500 employees, with more than 200 in product development and engineering. Island emerged from stealth mode in February 2022. Since that time, the company has won 450 customers, with annual recurring revenue more than doubling each year following.

“Customer collaboration has been the key to building the Enterprise Browser since day one,” said Dan Amiga, CTO and Co-founder of Island. “Creating and growing a new category requires deep technical partnerships and maximum trust between CIOs, CISOs, and product teams. Our customers’ input has been invaluable to securing their sensitive data, eliminating IT inefficiencies, and making IT work best for end users.”

Island has seen traction across every major vertical and size of organization, from Fortune 1000 enterprises to small and midmarket companies to government agencies and higher education institutions.

“We’re thrilled to continue our partnership with Island as they scale their vision and bring greater security and productivity to the modern workplace,” said David Schneider, General Partner at Coatue. “Island’s world-class executive team has continued to deliver a product that drives immense value for enterprise executives and end users alike. As AI adoption continues to accelerate, Island is helping establish a new industry standard. Companies of all sizes should now rely on secure environments like Island to remain competitive and protect their operations. We look forward to supporting their next stage of growth.”

The Island Enterprise Browser

The Island Enterprise Browser is the ideal enterprise workspace, where application delivery is simple, data is fundamentally secure, and work itself is smooth and natural. By embedding the core IT, security, and productivity needs into the browser itself, Island provides organizations with unprecedented last-mile control, enabling them to precisely govern all browser activity.

IT teams log and audit work activity while keeping personal browsing private. Security teams protect sensitive data from even the most sophisticated attacks, with a secure-by-design architecture. And users gain productivity-enhancing features while working in the familiar Chromium-based browser experience.

Leading enterprises across all industries are using the Enterprise Browser to deliver secure access to SaaS and web apps, enable zero-trust network access, make BYOD viable, onboard contractors in minutes not weeks, support smooth M&A transitions, reduce reliance on virtual desktop infrastructure (VDI), and transform how work gets done.

About Island

Island created the Enterprise Browser, a simplified enterprise workspace delighting CIOs, CISOs, and end users. Organizations in defense, financial services, government, higher education, hospitality, manufacturing, and retail modernize their security and jumpstart productivity with a browsing experience they know and love. Investors include Canapi Ventures, Capital One Ventures, Cisco Investments, Citi Ventures, Coatue Management, Cyberstarts, EDBI, Georgian, Insight Partners, Prysm Capital, Sequoia Capital, ServiceNow Ventures, and Stripes. Island is based in Dallas with research and development led from Tel Aviv. Email info@island.io or call (866) 832-7114.

Fonte: Business Wire