State of API Security Report Q3 2022

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How Salt is Having the Best Journey

Michael Nicosia
Feb 10, 2022

Today we share the latest milestone in the incredible journey Roey and I began five years ago -- we're announcing our $140 million Series D round valuing Salt Security at $1.4 billion.  

“A journey is best measured in friends rather than miles,” says a popular travel quote. Following that truism, we’re on the best journey possible, with CapitalG leading this round and joining the most incredible roster of friends/partners we could want. Check out Roey’s conversation with CapitalG Partner James Luo (above or here) to better understand why Alphabet’s growth fund led the round, and this 1-minute animation provides a brief view into our journey. You can also read about James' investment philosophy in his blog.

“Salt is the pioneer in the API security market and is recognized broadly as the only truly enterprise-caliber solution,” James shared as part of explaining how CapitalG, who has its choice of investment options, selected to invest in Salt.

YC was our earliest friend, and the YC Continuity team has bet big on Salt, making a substantial investment in our D round – something they’ve done for less than 1% of their portfolio companies.

“Like fellow YCC companies – Stripe in payments and DoorDash in food delivery – Salt will become an iconic security company,” said Ali Rowghani, managing director, YC Continuity.

Every other venture friend we’ve had on our journey also participated, including Sequoia Capital, Tenaya Capital, S Capital VC, Advent International, Alkeon Capital, and DFJ Growth. This round brings our total funding to $271 million, with $210 million raised just in the last year.

In many ways, this round is a recognition and celebration of so many other milestones the Salt team has achieved in the past 12 months, a year in which we drove:

  • 500% growth in revenue
  • 300% growth in our customer base
  • 250% growth in our employee count
  • 900% growth in the Fortune and Global 500 companies who have signed with us, including Takeda Pharmaceuticals, bp Launchpad, and Markel among those we can name publicly

No other API security company comes close to the quantity or quality of our customer base. Our momentum with these important friends creates a powerful network effect, with CISOs spreading the word about who they trust the most and having each new customer benefit from the learnings of all the previous customers.

We also took the opportunity in today’s news to celebrate some of our newest friends within the Salt family, including:

  • Kfir Lippmann, CFO, who led finances at Monday.com from its early days when it had 40 employees through to its IPO
  • Yaniv Balmas, VP of Research, who is heading up Salt Labs after leading cyber research at Check Point Software Technologies for eight years
  • Jon Peppler, VP of worldwide channels, who led channel initiatives at Bitglass, Menlo Security, and Proofpoint
  • Nico Wagemans, Sales Director for EMEA, who held sales leadership positions at Nutanix and Cohesity
  • Daniela Costa, Sales Director for LATAM, who held sales leadership roles at Arcserve and CA Technologies

As much as we appreciate the support of our incredible VC friends on our journey, we couldn’t even be on this path without the talent and drive of our friends in the Salt family. As we’ve nearly tripled our company size this past year, we’ve held up our high standards for quality. The best want to work with the best, and we’ve built the best team out there in API security.

So we’ll take this moment to celebrate with our friends all that we’ve built together, the incredible value we’ve created, and the amazing journey we’re on. Wow.

OK … we’re back at it!

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