Perimeter 81, an Israel-based security service edge (SSE) and zero trust network access (ZTNA) startup, has raised USD 100 million in a Series C funding round led by B Capital with participation from Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital, and Spring Ventures. The round values the company at USD 1 billion, a five-fold increase from the USD 200 million sticker price achieved during its last raise in August 2020. Perimeter 81’s total funding now stands at USD 165 million.

The funds will be utilized to accelerate product development for corporate network security to support its hyper-growth and expand its global employee headcount of over 250 across its sales, marketing, and R&D teams in its three global offices—Tel Aviv, New York, and Los Angeles.

Perimeter 81 is not yet profitable but it reported that its annual recurring revenue (ARR) more than doubled YoY and that it is on track to generate tens of millions of dollars in sales revenue in 2022. The company serves nearly 2,400 customers, including Fortune 500 companies and top organizations in technology, finance, healthcare, retail, and entertainment. Perimeter 81 generates more than half of its revenue from the US. The company has plans to expand across Europe and South Asia. Its notable customers include Ingram Micro and Hims & Hers.