Tailscale, a Toronto-based security startup, has achieved a valuation of $1.5 billion after raising $160 million in its latest fundraising round, according to a Bloomberg report.
The round was led by Accel and included participation from CRV, Insight Partners, Heavybit, and Uncork Capital. George Kurtz, CEO of CrowdStrike, also invested in the company.
Tailscale, founded in 2019, provides a zero-configuration virtual private network (VPN) service that enables secure remote access to corporate networks. Its technology is used by over 10,000 corporate customers, including Instacart and Duolingo.
In a blog post, Tailscale CEO Avery Pennarun said the funding will be used to grow the company’s engineering and product teams and enter new markets faster.
“Business is booming, and taking investment now lets us stay focused on making the network just work, whether you’re a startup, a Fortune 500, or a person running a Minecraft server,” Pennarun said.