Veza Hits $808 Million Valuation in New Round

Veza, an enterprise-level identity security platform, has raised $108 million in a Series D round led by New Enterprise Associates (NEA).

The oversubscribed round, which values the company at $808 million, also included participation from new investors Atlassian Ventures, Workday Ventures, and Snowflake Ventures, alongside returning backers Accel, GV (Google Ventures), True Ventures, Norwest, Ballistic Ventures, J.P. Morgan, and Blackstone Innovations Investments. With the close of this round, Veza’s total equity funding stands at $235 million.

Veza provides a unified identity security platform designed to help enterprises manage and govern access across cloud, on-premise, and hybrid environments. The company’s key offerings include the Veza Access Platform, which supports use cases such as identity governance and administration (IGA), privileged access monitoring, non-human identity (NHI) security, access entitlement management, and identity security posture management (ISPM). 

Veza has over 20 billion permissions under management and serves customers across the Fortune 500 and Global 2000, including Blackstone, Workday, Snowflake, and Sallie Mae. The company was founded in 2020 by CEO Tarun Thakur and is headquartered in Los Gatos, California, with approximately 190 employees.

“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 Mr. Thakur. “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.”

“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, a 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.”

Veza’s 2024 operating and financial performance included more than doubling annual recurring revenue, securing 26 Fortune 1000 clients, and achieving near-150% net revenue retention.

“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,” said Josh Defigueiredo, a senior vice president and chief information security officer at Workday. “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.”

“Solving the identity problem is the top priority for every organization and security leader—and for good reason,” said Jorel Van Os, the chief information security officer at 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.”

New Enterprise Associates, founded in 1977 and based in Menlo Park, California, focuses on technology and healthcare investments across all stages.