Praetorian, an Austin, Texas-based cybersecurity startup, has secured $10M Series A round of funding to help enterprises navigate the escalating cybersecurity risks of the coming decade. The backers for this round include Bill Wood Ventures and McKinsey & Company.
In conjunction with the investment, Praetorian and McKinsey have entered into a strategic partnership to help clients solve complex cybersecurity challenges and secure innovation. McKinsey selected Praetorian for investment due to its client-first culture, strong brand reputation, organizational sophistication and technical talent density.
Founded in 2010 by Nathan Sportsman, Praetorian helps organizations solve complex cybersecurity problems across critical enterprise assets and product portfolios. In recognition of Praetorian’s strong history of growth, the company has been recognized for six consecutive years on the Inc. 5000 list, the most authoritative ranking of the nation’s fastest-growing private companies, and was named one of Inc. magazine’s Best Workplaces in 2018 and 2019.
“Having achieved profitability and cash flow positive operations through eight years of bootstrapping, we had no intention of ever raising outside capital. We had to reexamine that thinking after being introduced to partners that brought value far beyond a capital injection and that were completely aligned with our vision, mission and values,” said Praetorian Founder and CEO Nathan Sportsman. “Investors that are not constrained by the mechanics of a traditional fund give Praetorian the flexibility to take a long-term view that aligns client and shareholder interests and that nurtures the experimentation cycles of innovation. Bill Wood and McKinsey share our conviction that there are no shortcuts to building an enduring institution with the client at the center.”
“The cybersecurity industry is one that will never stop growing and one that presents a new window of opportunity almost every day,” said Bill Wood, general partner at Bill Wood Ventures. “Praetorian has been selected by the largest companies in the world to help them solve complex security challenges.”
“This investment and collaboration complements and extends our existing cybersecurity capabilities,” said Kevin Buehler, Senior Partner and global leader of McKinsey’s cybersecurity practice. “We have been deeply impressed with Praetorian’s distinctive capabilities in security architecture and engineering and feel confident that our shared values will allow us to help clients put security at the center of their business strategy. We are delighted to partner with such a world-class team.”