The company plans to expand its footprint and resources in Asia Pacific and Latin America.
Beyond Identity secured $100 million in Series C funding, bringing its total funding to $205 million and increasing its valuation to $1.1 billion.
Evolution Equity Partners led the Beyond Identity funding round, with participation from existing investors New Enterprise Associates (NEA) and Jim Clark. Potentum Partners, Expanding Capital and HBAM also joined the round.
The new funding will be used to further expand the research and development of Beyond Identity. The company will also expand its presence and resources in Asia Pacific and Latin America.
Beyond Identity Funding for Partners
Kurt Johnson is Beyond Identity’s Vice President of Strategy and Business Development.
“In 2021, we spent a lot of time and investment building the foundations of our distribution and partnership program,” he said. “We have signed up with a number of strong partners and are working to expand our visibility and presence within these partners. Now that the foundation is in place, our plan is to use this new funding to really launch additional joint lead generation and go-to-market (GTM) programs. We take a channel-first approach. So as we identify potential targets, we will quickly align with the right channel partner to approach those customers together. »
Beyond Identity invests in infrastructure such as a partner portal to make common content more accessible, Johnson said.
“In addition to these marketing programs, we will be hiring additional channel account managers and dedicated technical resources,” he said. “We will also invest in new partners as we expand further in Europe and the Middle East, and then as we expand in Asia Pacific and Latin America.”
Beyond Identity is looking for channel partners who act as strategic advisors to their customers to help them identify the right solutions to meet their security requirements, Johnston said.
“Partners with strong expertise in security and identity management are a great fit for us,” he said. “We used the strategy when we launched in Europe to find strong channel partners who can introduce us to resellers that allow us to have a local presence and relationships in the regions. This will also be our plan for Asia -Pacific and Latin America We are looking to find partners in specific countries who can provide local pre-sales and post-sales support.”
Zero trust is a critical issue where partners need to understand who and what is behind access, Johnston said. Beyond Identity’s passwordless authentication provides phishing-resistant multi-factor authentication (MFA).
“The increase in credential-based attacks and ransomware is a global problem,” he said. “The misuse and theft of valid credentials is a critical issue facing organizations. Beyond Identity has built the most powerful authentication platform based on proven industry standards and made it easy to deploy for organizations. This is essential for organizations to build the appropriate defenses.
Beyond Identity Funding “Big” Investor Approval
“This [funding] enables us to solve a global problem with the product, resources, infrastructure and partners to meet the global needs of our customers,” said Johnson. “The funding is a great endorsement from our investors of the market needs and Beyond Identity’s ability to build an exceptional business and solution. We look forward to more of this success in the future.
Beyond Identity’s new funding comes at a time of record growth and momentum for the company. Annual recurring revenue (ARR) grew 330% from 2020 to 2021. Additionally, its client list grew 640%.