senhasegura, an award-winning Privileged Access Management (PAM) solution provider, today announced a $13 million (Series A) investment from Graphene Ventures, a Palo Alto-based investor focused on the enterprise software and SaaS sectors.
The investment, secured in a challenging global economy, will help senhasegura increase its global footprint and accelerate product innovation in its flagship 360º Privilege Platform.
As a part of this innovation drive, the company launched, in October 2022, the new MySafe personal password vault. In early 2023, senhasegura will continue its platform expansion to address cloud security and entitlements.
The global PAM market, which focuses on protecting privileged identities that are increasingly under attack, is projected to reach $19.73 billion by 2030. The industry’s leading analysts, including Gartner and KuppingerCole, have recognized senhasegura as a leader in the multi-billion-dollar PAM market and have ranked the company as a leader and visionary in their Leadership Compass and Magic Quadrant.
The São Paulo Brazil-based senhasegura will strengthen its international presence in LATAM, also prioritizing North America and the Middle East. The US market is the largest cybersecurity market in the world, and senhasegura will build an international center of excellence in the US where it has offices in New York and San Francisco. The MENA (Middle East & North Africa) market is one of the fastest-growing markets for cybersecurity, yet it remains underserved and offers excellent growth opportunities.
Marcus Scharra, co-CEO and co-founder of senhasegura, sees strengthening the company’s international team as a logical first step.
“Currently, our partners span 55 plus countries, and we have operations in the Americas, Europe, and Asia,” said Scharra. “I look forward to further increasing our territorial coverage to reach and serve new customers and keep providing the excellent service we are known for.”
Artur Assed, co-CEO and co-founder of senhasegura, added, “The numbers we achieved as a bootstrapped company between 2018 and 2021 – 71% CAGR in bookings and 5.6X growth in Annual Recurring Revenue (ARR) – prove our execution capability. The investment from Graphene lets us accelerate our growth and have a stronger global force in the PAM market.”
Nabil Borhanu, the Founding Partner of Graphene Ventures, will join the Board of the company and is enthusiastic about the potential of senhasegura.
“The founders and team of senhasegura have done an exceptional job of growing the company in bootstrapping mode,” said Borhanu. “We are excited to partner with them and help them toward extraordinary growth and maximize returns for all involved.”