BPI invests in Lithuania’s second Tech Unicorn

08 April 2022

BPI further invests in the Cybersecurity sector as they join the $100 million investment round at a $1.6 billion valuation, making Nord Security Lithuania’s second Tech Unicorn.

Second investment in the cybersecurity sector

BurdaPrincipal Investments (BPI) adds the second company from the cybersecurity sector and another unicorn to its portfolio. The growth capital arm of Hubert Burda Media participated in the financing round of Nord Security, a global leader in internet privacy and security solutions from Lithuania. Nord Security has raised $100 million from investors at a $1.6 billion valuation and becomes Lithuania’s second tech unicorn – following Vinted, the second-hand fashion marketplace and another BPI portfolio company. With this investment, BPI further builds its portfolio in an increasingly important market as it already invested in the US-based, IT-security company Expel in November 2021.

Cyberthreats increase – specialized solutions needed

With the rapid digitization, businesses and users get more and more connected: Via different platforms and devices, trillions of data bytes are produced and shared worldwide on a daily basis. With the sensitivity and the relevance of the data for companies as well as for consumers, it is crucial to keep them safe. As with the rise of networks and online, interconnected technologies, the number of cyberthreats increases.

“At BPI, we have made cybersecurity an investment focus in 2020, as the need for specialized solutions in this field becomes more and more visible with the increase in daily threats and attacks. With Nord Security, we have found a company which exactly fits our investment criteria. It supports businesses to increase their level of online security and consumers like you and me can be online safely with the Nord Security products – across all devices and while at home or travelling.”

Luisa Frank, Investment Manager at BPI

“We look forward to supporting Tom and his team in further building a category leader by expanding their reach, their product offering and securing their mission of providing a radically better internet for consumers and businesses. With Nord Security, we are not only adding a second cybersecurity company but also a second Lithuanian unicorn to our BPI portfolio – next to Vinted.”

Christian Teichmann, Managing Director of BPI

Building a radically better internet

Nord Security was co-founded in Lithuania in 2012 by Tom Okman and Eimantas Sabaliauskas. Their goal was to create an internet security and privacy tool that was easily accessible to everyone and secures consumer and enterprise accounts, networks, and information against advanced cyberthreats. So far, Nord Security’s suite of products has gained millions of consumer users worldwide, as well as several business clients. Companies like Calendly, Adobe, Shutterstock and Vinted already trust Nord Security for advanced threat protection against complex and evolving cyberthreats. The security company operates in 20 countries globally and continues to expand rapidly. Next to BPI, the investors Novator Partners and General Catalyst as well as further founders and angel investors joined the first funding round of Nord Security. So far, it has been bootstrapped. With the new funding, the Nord Security team plans to make key hires as well as accelerate the expansion of its product suite and geographical footprint through acquisitive growth and intensive R&D on new platform features.