Abnormal Security funding round close to support Aussie presence

Global vendor Abnormal Security has closed its series D funding round in the US with total expected proceeds of US$250 million at a US$5.1 billion valuation, which is anticipated to support its Australian presence.

Abnormal’s business focus is on email protection, offering products for cloud email, software-as-a-service (SaaS) and cloud infrastructure.

Speaking to ARN, Tim Bentley, Abnormal Security vice president of Asia Pacific and Japan (APJ) said Abnormal’s Australian team, which has grown to 25 employees in three years, is expected to be validated as a result of the funding round close.

“It’s a validation for a lot of people that joined this team early and a lot of the channel partners that we had, particularly the first few that saw the opportunity,” Bentley said.

One such partner was Baidam Solutions, which Bentley said “got the promise straight away” and provided the vendor with a “faster route to market in many cases”.

“It [the funding round close] will be seen as an endorsement in the eyes of customers and partners that already know about Abnormal Security,” Bentley said. “Three years ago, no one knew about Abnormal Security in Australia and now we’re swiftly becoming the accepted way forward.”

The investment round close, which was led by Wellington Management, with participation from existing investors Greylock Partners, Menlo Ventures, Insight Partners and CrowdStrike Falcon Fund, comes as the company sees over 100 per cent in year-on-year increases in annual recurring revenue.

Additionally, Abnormal also claims it has expanded further into Australia over the last 12 months, as well as Europe and Asia.

“If you look at the global numbers, we’re more than doubling per year and … Australia’s pulling more than our weight locally. We’re one of the most adoptive countries for this tech,” Bentley added.