Bluebox Security Closes $18 Million Series B Funding
Capital will be used to scale sales and marketing
SAN FRANCISCO, CA – January 20, 2014 – Bluebox Security, a stealth mobile security company, today announced it has closed an $18 million Series B funding round. Participants in the round include Tenaya Capital as well as existing investors Andreessen Horowitz, Sun Microsystems Co-founder Andreas Bechtolsheim, and SV Angel. Brian Melton from Tenaya Capital will join the company's board of directors. The capital will be used to scale sales and marketing to meet increasing market demand.
The new funding comes just ahead of launch and brings the company's total amount raised to $27.5 million. Bluebox previously closed a $9.5 million Series A round in July 2012.
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"Existing mobile security solutions are modeled on an outdated perspective of mobile use that does not meet current demand," said Brian Melton, Managing Director, Tenaya Capital. "As companies give employees more access to corporate information via mobile devices, they need a solution that meets the needs of both the business and employees. The strong endorsement across Bluebox's beta customers validates that Bluebox has developed an innovative mobile security solution that enterprises want."
Results from Forrester's Forrsights Workforce Employee Survey, Q4 2012 indicate that at least 85% of employees use phone/tablet applications and web-based services for both personal and work-related activities – putting corporate information security under serious threat.╣
"The BYOD movement has ushered in a new era--enterprises no longer control or manage the devices and services employees bring into the organization--fundamentally changing the way organizations must address security," said Scott Weiss, Partner, Andreessen Horowitz. "Boasting an exceptional team of veteran entrepreneurs with deep roots in information security, Bluebox is well positioned to quickly become the leader in this new frontier of mobile security."
"Many companies have invested in mobile security solutions that focus on the device, but don't address the core issue of mobile security," said Caleb Sima, CEO and Co-Founder, Bluebox Security. "We founded Bluebox with a unique approach to mobile security that focuses on what really matters--data. We welcome Tenaya Capital to our team of investors and are excited to have their support as we work to change how mobile security is done today."
Tenaya Capital has backed technology leaders such as New Relic, Kayak, Zappos and Palo Alto Networks. Andreessen Horowitz has also backed disruptive companies such as Facebook, Skype, GitHub and Instagram.
╣Blog post"Address Three Key Management Concerns To Win Internal Support For BYOT Initiatives", Katayan Gupta, Forrester Research, Inc., September 30, 2013
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Bluebox Security is a stealth startup focused on enterprise mobile security. Backed by Andreessen Horowitz, Tenaya Capital, Sun Microsystems co-founder, Andreas Bechtolsheim, SV Angel and Google Board member Ram Shriram, Bluebox Security is headquartered in San Francisco. For more information visit www.bluebox.com.