Island hits $3 billion in valuation after latest fund raise

(Reuters) - Enterprise software and security provider Island said on Tuesday it had raised fresh capital in a late-stage funding round that doubled its valuation to $3 billion in six months.

The company raised $175 million in a Series D round, led by new investor Coatue and existing investor Sequoia Capital, taking its total raise to $487 million.

Island offers an 'enterprise browser' that gives organizations complete control, visibility and governance.

The company, led by enterprise security and software technology veterans Mike Fey and Dan Amiga, launched its product in February 2022 after two years of operating in stealth mode, and now serves several Fortune 100 customers, according to a statement.

Several technology companies have seen a wave of investor interest after a more than year-long dry spell, especially with the dominance of artificial intelligence.

Last week, HR software startup Rippling said it was valued at $13.5 billion after a funding round led by Coatue.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli)

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