CrowdStrike, Accel Unveil Investment Fund for IT Security Startups
CrowdStrike, an endpoint protection platform provider, and venture capital firm Accel have unveiled the Falcon Fund $20 million early-stage investment fund. With the Falcon Fund, IT security startups can receive resources to help with application development and integration.
The Falcon Fund serves as a co-investor and strategic partner alongside lead investors looking to work with IT security startups, according to a prepared statement. To qualify for the Falcon Fund, an IT security startup must meet the following criteria:
- Wants to resolve a problem that requires analytics on endpoint data and/or taking actions on the endpoint.
- Has existing interest from other lead investors (early-stage funding rounds preferred).
- Uses the CrowdStrike Falcon cloud platform and endpoint agent.
- Provides a product that offers an attractive market opportunity.
CrowdStrike is now accepting Falcon Fund applications.
In addition to the Falcon Fund, CrowdStrike has launched the CrowdStrike Store, a cloud-based, single-agent cybersecurity platform-as-a-service (PaaS).
The CrowdStrike Store provides a unified security cloud ecosystem that features applications developed by Falcon Fund startups, the company said. Organizations can use the CrowdStrike Store to discover, try, buy and deploy trusted partner applications.
How Did CrowdStrike Perform in 1QFY20?
The Falcon Fund and CrowdStrike Store announcements come after CrowdStrike recorded total revenue of $96.1 million in the first quarter of fiscal year 2020, which represented a 103 percent year-over-year increase.
Furthermore, CrowdStrike launched an initial public offering (IPO) in June. The company also has developed a long-term business plan that leans heavily on MSSPs.