The following is a letter from Duo’s CEO Dug Song, addressing the Duo team:
Today marks a significant financial milestone and point of acceleration for us as a company. This morning we announced our Series D round, raising an additional $70 million in funding that now values our company at $1.17 billion (our "post-money valuation").
This is a tremendous milestone for Duo, and one that we should all be very proud of. It is all of your hard work - both individually and as a team - that has driven our growth and success.
You can see the press release here.
So what does this all mean? In order to understand where we’re headed, it’s important to look at where we’ve been.
Building the Right Kind of Company
Cybersecurity has become the biggest geopolitical problem of our time. We are at a point where every organization in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce.
When we started Duo seven years ago, the security industry was broken. The biggest problem wasn’t just about technology, but the culture of our industry. Jono and I set out to build the right kind of company in order to build security the right way:
- We wanted to make security easy & effective, and we’ve done that by building the right kind of company to do so. We design and deliver security that gets out of your way and just works, versus an industry full of impractical ideas and frustrating experiences. Our industry-leading measure of customer satisfaction (68 Net Promoter Score - NPS) is a testament to our relentless focus on customers, and solving for their needs.
- We challenged ourselves to be the kind of trustworthy partner that we ourselves would want to work with. We’ve done that by building the right kind of company to do so. By being transparent and ethical, reliable and dependable, and demonstrating expertise across the organization, our customers and partners have come to value us as much for our character as our competence.
Now, we must become the enduring organization we always set out to be, again, by continuing to build the right kind of company to do so. This means taking a long-term view of our business, and owning our future as a company with the potential to disrupt an entire industry. To do this, it’s not enough for us just to be ahead -- we need to stay ahead, and our investments in people, process, and technology will help us sustain and grow our leadership position in an increasingly competitive market.
Now, we don't talk about ourselves without talking about what we've done for our customers, and alongside this financial news we also announced exciting product enhancements with our latest press release!
This is a very exciting time for us at Duo! Thank you from the bottom of my heart for all that you do, every day, to earn and grow our reputation as the most loved company in security.