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Enterprise browser startup Island has just completed a significant funding round, which has boosted its valuation considerably in less than a year since its last round of fundraising.
Island, based in Dallas, raised $250 million in a Series E round led by Coatue, resulting in a valuation of $4.85 billion, the company announced. This latest round brings the total funding for the company to $730 million, with additional support from backers like Insight Partners, Sequoia, and Canapi Ventures.
Enterprise Browser for Improved Security and Efficiency
Island specializes in developing online browsers tailored for enterprise use, aiming to provide enhanced security compared to traditional commercial search engines. Their browsers offer universal application access control, device visibility and management, and application automation, among other features.
Island’s co-founder and CEO, Mike Fey, emphasized the benefits of using an enterprise browser in streamlining technology stacks, reducing expenses, improving user access and productivity, enhancing cybersecurity, and modernizing workflow operations.
Continued Growth and Recognition
This Series E funding round marks a significant milestone for the company, demonstrating substantial growth since its Series D round just 11 months ago, where it raised $175 million with a valuation of $2.9 billion. Sequoia and Coatue co-led the previous round.
Sequoia partner Doug Leone praised Island’s team and unique value proposition, highlighting the company’s vision of creating a secure browser based on Chromium to enhance cybersecurity within corporate environments.
Strong Industry Support
Island’s success is further validated by its growing customer base, which now includes 450 enterprises such as Mattress Firm, Swiss Life, and Fiverr.
The company’s ability to attract significant funding and expand its customer portfolio underscores its position as a key player in the enterprise browser market.
(Story updated on April 3 to include comments from Mike Fey)
