The Top 20 Fastest Growing Cybersecurity Vendors in 1H 2024

I was looking through a post I wrote for Security Boulevard back in 2021: Top 20 Fastest Growing Cybersecurity Companies in Q1 2021. That was a year before we began work on the IT-Harvest Dashboard so I was still tracking headcount data in a giant Google Sheet. That inspired me to take a look at the fastest growing cybersecurity companies so far this year. First I used the Dashboard to find the 318 vendors that had grown more that 25% since the end of December. Then I sorted on size. This way I eliminated the vendors that had grown from 2 to 8 people (300% growth!) Looking at this list highlights some amazing company performance. 1 Password and Wiz are already at the size of what would have been IPO ready companies just a few years ago. And they are adding people at an astounding rate.

Let’s look at some of these results in detail. 1Password is a Canadian success story with $920 million in funding. Its growth curve is very consistent.

1Password also has the most interesting cap table with participation from Ryan Reynolds, Justin Timberlake, Matthew McConaughey, George Kurtz, and Robert Downey Jr.

Next up, Ping Identity took off at the beginning of the year. What could explain that level of growth from a PE owned company?

Look no further than the merger with ForgeRock, also owned by Thoma Bravo, which was completed last year. It must be a case of the word going out to ForgeRock employees to update their LinkedIn profiles at the beginning of the year.

Let’s look at the astounding growth of Wiz, in the news this week because of wide reporting that Google is looking to acquire Wiz for (gulp) $23 billion.

Wiz has grown 42% in six months. There must be a good story behind the recruiting and on-boarding engine Wiz has built that enables it to hire 75 people a month.

Endpoint management company NinjaOne is making good use of the $231 million C round it took in in February.

Let’s sort the top 20 by growth instead of size which puts Upwind and Cyera on top.

Upwind took in $50 million in funding in September of 2023. It has more than tripled in size in nine months. It is a Cyberstarts backed venture. It has a single platform for cloud security posture management (CSPM), vulnerability management, and cloud workload protection (CWPP).

Cyera, the leading Data Security Posture Management (DSPM) solution took in $300 million in April (also a Cyberstarts company.) It was already on a roll.

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