Nord Security just became Lithuania’s second tech unicorn

Nord Security just became Lithuania’s second tech unicorn

The Nord consortium raised $ 1.6 billion from investors and made $ 1.6 billion a second technology unicorn.

The company is known as the Nordvpn VPN product which costs $ 140 or $ 12 per month.

Through VPN or Virtual Private Network, users can hide internet IDs while browsing the internet. It also helps internet users to prevent access to blocked websites and services. Other VPN companies are Turbo VPN and UFO VPN.

Founded in 2012 in Vilnius, the capital of Lithuania, the Nord Security team now employs 1,700 people and employs another 200. The company claims to be Vilnius’ largest technology operator, with 500,000 of the 2.8 million Lithuanians living there.

Investments in Nord Security from Novator Ventures, Burda Principal Investments, General Catalyst and angel investors, including the founder of Vinted, the only technology company in Lithuania worth more than $ 1 billion.

Tom Okman, president and founder of Nord Security, told CNBC that this is the first time the company has been making money abroad. home now. Other products.

CNBC stock options and investment system:

In addition to its flagship product, NordVPN, the company also has a password manager called NordPass as well as an encrypted cloud storage product called NordLocker.

The company has millions of employees worldwide, but Okman declined to give an exact figure. He also declined to comment on the company’s revenue, except that it has tripled in the last five years in sales to the United States, Britain and Germany.

Russia and China

In early March, the Russians turned on the VPN to escape the country’s strong internet control following the Kremlin’s invasion of Ukraine.

The internet has been explored in Russia for years, even though large US platforms like Facebook, Twitter and Google are available for free, unlike China, which is completely blocked.

However, on March 4, Russia threatened to block Facebook and Google and Twitter.

According to Ockman, the company’s ambitions increased slightly after the military invasion of Russia on February 24, but the growth did not last long.

“When the restriction started for digital purchases, it had an impact,” he said, adding that the VPN could not help people escape the restriction.

In a statement, Berger Mar Ragnarson, chief operating officer of Novator Partners, who joined NordSecurity’s senior management team, said that modern internet security needed new innovations to address the long-term risk of the proliferation of the law. And cyber threats are getting worse.

“Tom and his team are helping out and bringing the new era of internet security with powerful privacy and security tools that are best designed to protect information, accounts and networks. I can.”


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