IT platform startup NinjaOne secures $231.5M in Series C funding at nearly $2 billion valuation

NinjaOne announced on Tuesday it has secured $231.5 million in Series C funding to grow its IT management platform. The latest round significantly boosts the company’s valuation to about $1.9 billion, a remarkable jump from its previous valuation of $110 million back in 2022.

The round is led by ICONIQ Growth, a new investor, along with notable contributions from Snowflake CEO Frank Slootman and others. With a focus on automating IT processes, NinjaOne plans to utilize the raised capital to diversify its product range, enhance customer support, and propel business expansion.

Originally founded in 2013 by CEO Sal Sferlazza and CFO Chris Matarese to assist Managed Service Providers (MSPs) in transitioning from outdated remote monitoring and management (RMM) systems, the Texas-based NinjaOne has since expanded to manage over seven million endpoints for both MSP and IT teams.

“ICONIQ Growth’s investment in NinjaOne is being used to make our customers more successful. We are quadrupling down on customer support, heavily investing in platform and product innovation to solve and automate more use cases, and ensuring the business can scale to meet our customers’ needs,”  Sferlazza said.

He also added, “We are in the decade of the endpoint, fueled by a wave of workers pushed remote and hybrid during and since the pandemic. Whether you are an MSP in charge of running and protecting other peoples’ businesses, or a CIO in charge of one, endpoints pose a significant risk and opportunity. We are excited and humbled to partner with ICONIQ Growth to fuel our customers’ success.”

NinjaOne currently provides endpoint management solutions for over 17,000 clients seeking enhanced visibility, security, and control. the company has a global presence with its reach spanning over 80 countries, serving diverse clients such as Hello Fresh, Network Coverage, Nissan, Nvidia, Pabst Brewing Company, Prime Care Technologies, State of California, and the University of Oxford. Notably, NinjaOne provides unlimited and complimentary onboarding, training, and support to all clients, regardless of their size or scale.

“Managing endpoints has always been a complex challenge for IT teams. With recent trends in hybrid work and cybersecurity proliferation of personal mobile devices, the problem continues to grow exponentially in complexity and scale,” said Amit Agarwal, President of Datadog. “Sal and the NinjaOne team have a deep understanding of the problem and have built an innovative solution that solves many of these issues for IT teams, and I’m thrilled to participate as an investor.”

NinjaOne stands among a cohort of IT management platforms experiencing substantial growth as businesses increasingly seek streamlined and automated IT operations.

This funding achievement stands out amidst a somewhat subdued startup investment landscape in the United States. Despite the hype surrounding artificial intelligence, startup investments in 2023 totaled $170.6 billion, reflecting a 30% decrease compared to the previous year, as per PitchBook data.