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How Nord Security Reached Unicorn Status With $100 Million in Funding

Nord Security’s first outside funding was $100 million at a reported $1.6 billion valuation in 2022. In 2023, it announced another $100 million round and said its valuation had doubled to $3 billion.
From TheFinanceBase Team2 min to read
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Nord Security became a tech unicorn in April 2022, when it announced its first external funding round: $100 million at a reported $1.6 billion valuation. The Lithuanian company later announced another $100 million round in September 2023 and said its valuation had doubled to $3 billion. These are reported financing-round figures, not independently audited valuations.

What Nord Security’s unicorn status means

A privately held company is commonly called a unicorn when its valuation reaches at least $1 billion. Nord Security crossed that threshold with its April 2022 financing announcement, which put the company’s reported valuation at $1.6 billion. Nord Security is the company; NordVPN is one of its products.

Founded in Lithuania in 2012 by Tom Okman and Eimantas Sabaliauskas, Nord Security’s portfolio also includes NordPass, NordLocker and NordLayer. The company’s history page lists its products and later milestones.

Nord Security’s two announced funding rounds

Announcement Amount Lead investor Other named participants Reported valuation Stated use
April 2022 $100 million Novator Ventures Burda Principal Investments and General Catalyst $1.6 billion, as reported by Nord Security and investor material Product-suite development and enterprise expansion
September 2023 $100 million Warburg Pincus Novator Ventures and Burda Principal Investments $3 billion, according to Nord Security, which said the valuation had doubled Product expansion and growth through strategic mergers and acquisitions

The 2022 announcement described the first round as the company’s first-ever external financing. Nord Security’s 2022 announcement and Novator Ventures’ account name the investors and intended expansion. The later financing was announced by Nord Security in September 2023; the $3 billion figure is the company’s account of its valuation, not an independent assessment.

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What changed between the rounds

The second announced round matched the first in size, but the reported valuation was higher: Nord Security said it had doubled to $3 billion by September 2023. The investor lineup also changed. Warburg Pincus led the 2023 round, while Novator Ventures and Burda Principal Investments participated again; General Catalyst was named among the 2022 participants, not the 2023 investors.

The funding announcements describe plans to expand products and, in 2023, pursue growth through strategic mergers and acquisitions. They do not by themselves establish the company’s present fundraising status or independently verify its valuation.

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Nord Security and Surfshark

In 2022, Nord Security said it formed a group of companies with Surfshark. The announcement said the businesses would continue operating autonomously while aligning resources and strategic goals. It does not set out detailed legal or governance terms, so the arrangement should not be read as proof that the brands or products became one operation. Nord Security’s announcement describes the arrangement.

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