Code security tool developer, Contrast Security announced that it has raised $150 million in a Series E funding round. The funding round increased the company’s valuation over the $1 billion threshold. The round was led by Liberty Strategic Capital, the private equity fund founded by former Treasury Secretary Steven Mnuchin. According to the announcement, all of the company’s existing investors participated in the latest funding round including Warburg Pincus, Battery Ventures, General Catalyst, Microsoft’s M-12 Fund, AXA Venture Partners, and Acero Capital.
The company announced that the fund will be used to gain market share with accelerated global expansion plans by rapid customer adoption. The capital will also provide the company additional flexibility to execute strategic opportunities and acquisitions. Its Contrast Application Security Platform allows users to secure software code throughout the application lifecycle. Alan Naumann, CEO of Contrast Security said,
« The global economy is running on software applications. We are now seeing business leaders, including Microsoft and Google, commit publicly to spend billions of dollars in order to decrease cybersecurity risks in today’s fast paced application economy. Supported by President Biden’s recent executive order, our customers, governments, and many of the world‘s largest companies are investing in prevention and resilience against software cyber-attacks. »