Banyan Security, which offers a zero trust remote access client and saw a 300% increase in users in 2021, raises a $30M Series B led by Third Point Ventures
Kyle Alspach / VentureBeat :
Context & Ripple Effects
Banyan Security's $17M Series A in late 2019 predates the remote-work surge that reshaped its market; the company then reported 300% user growth through 2021 as enterprises moved access off corporate networks. This $30M Series B, led by Third Point Ventures, is the follow-on bet on that adoption curve.
The round lands in a crowded lane: Axis Security raised a $32M Series B in 2020 for work-from-home security, and ThreatLocker pulled in a $100M Series C for zero-trust endpoint protection with 23,000 clients claimed. Capital is piling into zero trust faster than the category can consolidate.
First-order effects
- Banyan gets the balance sheet to scale its remote-access client behind 300% user growth, while Third Point Ventures gains a position in one of the most-funded segments of enterprise security.
Second-order effects
- Axis Security and ThreatLocker now face a better-capitalized rival chasing the same enterprise budgets, pushing competition toward bundling and pricing rather than feature checklists.
- Investors who backed earlier zero-trust rounds face rising entry prices, concentrating later-stage capital among fewer, larger checks like ThreatLocker's $100M Series C.
Third-order effects
- If funding velocity holds, zero trust remote access consolidates from a field of point solutions into platform vendors that span client, endpoint, and application layers — with the biggest war chests deciding who survives the shakeout.
The trend: Zero trust security is absorbing a disproportionate share of enterprise-security venture capital as hybrid work makes network-perimeter models obsolete.