Led by New Enterprise Associates (NEA), the oversubscribed round highlights Veza’s market disruption, rapid customer adoption across Fortune 500 and Global 2000 organizations, product excellence, and accelerated growth trajectory.

REDWOOD SHORES, Calif.–(BUSINESS WIRE)–Veza, a pioneer in identity security, today announced a $108 million Series D investment led by New Enterprise Associates (NEA), with strong participation from new investors Atlassian Ventures, Workday Ventures, and Snowflake Ventures. Additional participation includes all existing investors, Accel, GV (Google Ventures), True Ventures, Norwest, Ballistic Ventures, J.P. Morgan, and Blackstone Innovations Investments, bringing the total equity raised to $235 million. Veza will use the funds to accelerate go-to-market (GTM) worldwide and product development.

Veza’s rapid growth highlights its effectiveness in addressing critical identity security challenges for enterprises. The company has achieved strong product-market fit with its unified platform for identity security and has demonstrated the expertise needed for widespread adoption. Veza secures access today for millions of enterprise users, including multiple Fortune 1000 companies such as Blackstone, Workday, Sallie Mae, Snowflake, and many more.

“Despite identity security being one of the most dynamic and critical sectors in cybersecurity, today’s legacy identity access providers are falling short of meeting modern security needs,” said Aaron Jacobson, Partner at NEA. “As enterprises prioritize secure and compliant data access, Veza has demonstrated unmatched product innovation and the ability to deliver impactful solutions for global organizations. We’re thrilled to support the Veza team as they continue to transform what’s possible for identity security.”

“Identity used to be an IT function, but it has now become the leading battleground of cybersecurity, with almost every breach linked to credential abuse,” said Tarun Thakur, Veza Co-Founder and CEO. “Identity must evolve beyond traditional directory services, which only focus on users and groups. Veza’s industry-first approach is rooted in assembling all access permissions, authorization data, and activity into a unified data model, enabling customers to make fast, intelligent decisions that reduce risk and enforce least privilege. In a space crowded with startups and big-name entrants, Veza has emerged as the leader in identity security. Our latest funding is a wake-up call to the industry: the future of security starts with identity, and Veza leads the way.”

“Asking questions like ‘What does this user have access to, what can they do with that access, and what do they actually need to do their job?’ is incredibly complex. Veza is a core component in our identity journey and is helping us to answer those questions by providing the visibility and intelligence we need to make informed access decisions with the aim to ensure that every user has the right level of access to do their job—no more, no less,” said Josh Defigueiredo, Senior Vice President (SVP) and Chief Information Security Officer, Workday.

“Solving the identity problem is the top priority for every organization and security leader—and for good reason,” said Jorel Van Os, Chief Information Security Officer, Acrisure. “Traditional identity is fundamentally broken. Veza has cracked the code by moving identity beyond traditional directory services of users and groups by harnessing the power of permissions and entitlements. With Veza’s Access Platform, we’ve transformed Acrisure’s IGA needs and identity security use cases into a unified approach that gives us full visibility and control over access.”

High-Growth Trajectory

Last year, Veza achieved its strongest annual growth, more than doubling year-over-year annual recurring revenue (ARR) and making significant gains across key financial and customer growth metrics. Key highlights include:

• New customer growth: Secured many new customers, including 10 Fortune 500 and 16 Fortune 1000 companies across the finance, pharmaceuticals, and retail sectors.
• Existing customer expansion: Achieved enterprise Net Revenue Retention (NRR) nearing 150%, reflecting strong customer growth and satisfaction.
• Hiring top-tier talent: Veza now has more than 190 employees worldwide, and is on track to add 30 to 40 hires every quarter this year.
• Customer recognition: Earned a perfect 100% Willingness to Recommend score in the December 2024 Gartner® Peer Insights™ Voice of the Customer (VOC) for Identity Governance and Administration (IGA) as of October 2024 from 21 reviews.
• Pioneering innovation: Launched new products with Access AI and Access Requests. Announced significant new product advancements, including Role Recommendations and the Access Hub to give a dedicated management interface for owners and managers distributed across the organization. Expanded to over 250 integrations, including new integrations for CrowdStrike, Snowflake, Oracle EBS, Oracle EPM, and Oracle Database.

With over 20 billion permissions under management, Veza provides unique insights into a challenge that many organizations face: enterprises are drowning in millions of permissions and entitlements – many of which are unmanaged, misunderstood, or completely invisible. This complexity is nearly impossible to manage and control with legacy tools and is only accelerating with the adoption of Gen AI and Agentic AI.

Supporting Quotes

“Decentralization of computing resources, channels, entities and devices makes traditional perimeter-based security strategies and tools insufficient,” explained Gartner in Identity-First Security Maximizes Cybersecurity Effectiveness, May 2024. “Security and risk management leaders must put identity at the core of cybersecurity strategy and invest in continuous, context-aware controls in a consistent manner.”

“Identity is eating security,” said Kevin Mandia, the founder and former CEO of Mandiant and co-founder and General Partner of Ballistic Ventures. “The rapid proliferation of data platforms, SaaS, and AI, coupled with consistent demand for rapid innovation, has created an urgent need for automated, intelligence-driven identity security. Veza’s unified approach will shape the future of enterprise security with a strong and comprehensive identity strategy platform.”

“Veza has quickly earned the trust of leading companies looking to move beyond the limits of legacy identity frameworks. Its unified platform and clear vision offer a transformative approach to identity security – especially as organizations adopt generative and agentic AI,” said Dave Zilberman, General Partner at Norwest. “ With strong momentum and a bold roadmap, Veza is well-positioned to lead the market, and we’re excited to continue supporting its exceptional leadership team.”

“Identity security is one of the most pressing and complex challenges in cybersecurity today,” said Jake Seid, Co-founder and General Partner of Ballistic Ventures. “As organizations continue to expand their digital ecosystems across cloud and SaaS, the number of human and non-human identities is exploding. We need a new approach to visibility, administration, and governance across this highly fragmented ecosystem that seamlessly scales with the modern digital footprint of an enterprise. Veza is the one redefining how organizations manage access, identities, and sensitive data.”

“What really stands out about Veza is their innovative access graph and how much trust they’ve built with customers. It’s clear they’re leading the way in identity security. Their approach fits well with how we see the future of managing digital and human workforces securely,” said Michael Magaro, senior vice president, Corporate Growth, Workday. “We see significant opportunity for Veza to drive advancements in this space, and are excited to partner with them.”

“As an early customer and investor, we’ve witnessed firsthand the Veza team’s remarkable speed of execution and unwavering commitment to product innovation,” said John Stecher, Chief Technology Officer at Blackstone. “We are thrilled to continue supporting Veza as they embark on their next phase of growth to address one of the most critical opportunities in cybersecurity today around enterprise identity and access.”

“Identity is now a critical focus for enterprises as SaaS, cloud, and AI adoption accelerates. Veza redefines identity security by emphasizing not just who has access, but what actions they can perform with it. This innovative approach addresses a growing gap in enterprise security, especially amid the rise of identity-based attacks,” said Eric Wolford, Partner, Accel Partners. With strong market traction and a talented team, Veza is poised to transform the identity security landscape.”

“Demand for Veza’s solution is driven by two major shifts: the migration from on-premise data systems to multi-cloud environments and the rising complexity of managing access across a growing sprawl of users, services, and APIs. Veza is building a unified identity-to-data authorization fabric that forms the foundation of enterprise data access and governance,” said Karim Faris, General Partner, Google Ventures. “Since leading the company’s Series B, we’ve continued to be impressed by the caliber of the team, the strength of their execution, and the magnitude of the long-term opportunity.”

“CISOs, especially in the Enterprise, continue to need more visibility and control to fully understand their data access and permissions across both their internal and customers’ data footprint. At Atlassian, we’ve seen this exacerbated by enterprises’ sprawling data footprint and complex mix of on-prem and cloud environments, spanning hundreds of services across SaaS apps, cloud infra providers, databases, and custom apps,” said Peter Lenke, Head of Atlassian Ventures. “Veza gives ‘out of the box’ dashboards and reports that provide intelligence across the customer’s data access environment, resources, and permissions. In addition, the inclusion of an Atlassian Jira integration with Veza’s platform enables Veza customers to get real-time monitoring of access requests, access searches, and access intelligence for identities, permissions, and resources that are accessing Jira data.”

Resources:

• Read Veza Co-Founder and CEO Tarun Thakur’s blog about the Series D investment

About Veza

Veza is the leader in identity security, helping organizations secure access across the enterprise. Veza’s Access Platform goes beyond identity governance and administration (IGA) tools to visualize, monitor, and control entitlements so that organizations can stay compliant and achieve least privilege. Global enterprises like Wynn Resorts, Expedia, and Blackstone trust Veza to manage identity security use cases, including privileged access monitoring, non-human identity (NHI) security, access entitlement management, data system access, SaaS access security, IAM hygiene, identity security posture management (ISPM), and next-generation IGA. Founded in 2020, Veza is headquartered in Los Gatos, California, and is funded by Accel, Bain Capital, Ballistic Ventures, Google Ventures (GV), NEA, Norwest Venture Partners, and True Ventures. Visit us at www.veza.com and follow us on LinkedIn, X, and YouTube.

Contacts

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