Island Announces Participation of Citi Ventures in its Series D Round

DALLAS – Oct. 28, 2024 – Island, the Enterprise Browser company, announced the participation of Citi Ventures, a venture capital arm of Citigroup, in its previously announced Series D funding round. 

The investment affirms Island’s value to banks and accelerates its mission to reshape the future of work in financial services and beyond. By building security and IT needs of the enterprise directly into the browser and designing an intuitive end-user experience, Island has redefined the role of the browser for the workforce. 

Coatue Management and Sequoia Capital led the Series D round, which valued the company at $3 billion.

“Over the last twenty years, we’ve seen the rise of SaaS applications and the deployment of desktop applications to the browser. As applications move into the browser and off the operating system, the browser has become of increasing importance and an ideal place to implement security controls and monitoring. We believe Island has built a best-in-class browser to meet these new security requirements, while also providing functionality to dramatically improve user experience and productivity,” said Matt Carbonara, Head of Enterprise Tech Investing at Citi Ventures.

Island gives IT and security organizations complete control over the last mile of user activity with software as a service (SaaS) and web applications. The Enterprise Browser:

• Streamlines and strengthens security postures.
• Improves productivity for employees and contractors. 
• Reduces cost by modernizing enterprises’ IT infrastructure. 

“Enterprises with the most rigorous data security requirements continue to simplify their IT stacks with an enterprise browser. CIOs, CISOs, and their teams have the ideal platform to enhance cybersecurity and drive down costs while delighting end users with unmatched productivity gains,” said Island CEO and Co-founder Mike Fey. “Citi Ventures can bring unique perspective and support to help us expand our footprint in the critically important financial services market worldwide.” 

The Island Enterprise Browser

The Island Enterprise Browser is the workspace of the future, enabling organizations to deliver applications to their audiences with a familiar browsing experience. As users easily work within their applications, Island can keep users and any enterprise data they encounter while they work safe at the very point where they interact with SaaS and internal applications. Using the Island Enterprise Browser, organizations can provide control at the last mile of any browser-based application, ensuring protections such as copy, paste, download, upload, and screenshot capture, to more advanced security demands such as data redaction, watermarking, and multi-factor authentication. 

This opens up unprecedented enterprise browser use cases, including securing applications from data leakage, safe access for contractors and BYOD workers, and full governance over privileged user accounts. Island reduces network complexity for IT teams by delivering a native user experience for the hybrid worker in contrast to costly and poor-performing virtual desktop infrastructure (VDI), while supporting built-in safe browsing, web filtering, web isolation, exploit prevention, and zero trust network access at much lower cost.

About Island

Island created the enterprise browser—embedding advanced security, IT and network controls, data protections, and application access into the browsing experience users expect. Island’s enterprise security and software technology experts are reimagining the future of work for the world’s largest, most dynamic enterprises. Island is backed by top investors including Canapi, Cisco Investments, Citi Ventures, Coatue Management, Cyberstarts, Georgian, Insight Partners, Prysm, Sequoia Capital, and Stripes. Island is based in Dallas with research and development in Tel Aviv and can be reached at info@island.io or (866) 832-7114.

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Contact:

Andy Shane

ashane@bigvalley.co 

214-498-4915

Big Valley Marketing for Island