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Wiz announced a $1 billion funding round at a $12 billion valuation on May 7, 2024. Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital led the round. The figure describes Wiz’s valuation at that historical financing—not its current valuation.
What Wiz announced
The company said the financing brought its total funding to $1.9 billion. Wiz’s announcement framed the money as support for expanding its cloud-security business, rather than as a change to its product offering or a promise of a particular business outcome. Wiz’s May 7, 2024 announcement gives the company’s account of the round.
Who invested in the round?
Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital were the lead investors. Wiz also named Greylock, Wellington Management, Cyberstarts, Greenoaks, Howard Schultz, Index Ventures, Salesforce Ventures and Sequoia Capital as participants in its press release.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11TechCrunch described the financing as a Series E and reported that it included a small secondary component, in which some existing shares were sold. That detail comes from TechCrunch’s reporting; Wiz’s short announcement did not specify a secondary sale. TechCrunch’s May 7, 2024 report also compared the round with Wiz’s prior financing.
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How did it compare with Wiz’s previous funding?
| Funding event | Amount | Valuation | Detail |
|---|---|---|---|
| February 2023 round | $300 million | $10.3 billion post-money | As reported by TechCrunch in May 2024. |
| May 2024 round | $1 billion | $12 billion | Announced by Wiz; TechCrunch called it a Series E and reported a small secondary component. |
The comparison shows a higher reported valuation in May 2024 than in February 2023, but the figures refer to separate financing events and should not be read as a current valuation.
Why did Wiz raise $1 billion?
Wiz said it planned to use the proceeds to hire talent, expand products and pursue strategic acquisitions. The company connected its cloud detection and response (CDR) plans to its acquisition of Gem Security, and described vendor consolidation—organizations reducing the number of security providers they use—as an industry trend it wanted to address.
These were stated priorities, not evidence that every planned expansion or acquisition subsequently occurred. TechCrunch’s contemporaneous report described the approach as a mix of organic investment in hiring and research and development, alongside acquisitions. It also reported that Wiz intended to pursue an eventual IPO; that was an ambition at the time, not a scheduled or assured listing.
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What operating figures did Wiz cite?
In its May 2024 press release, Wiz reported $350 million in annual recurring revenue (ARR) for 2023 and said it served 40% of Fortune 100 companies. These are company-reported figures; the cited announcement does not establish that they were independently audited. Wiz’s May 7, 2024 press release contains those claims and names the additional participants.
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What the $12 billion valuation does—and doesn’t—tell you
The $12 billion figure is the valuation associated with Wiz’s May 2024 financing. It is not a current valuation or a public-market share price. In October 2024, TechCrunch reported that CEO Assaf Rappaport said Wiz had turned down a $23 billion offer from Alphabet. That later report concerns an offer at that time; it does not establish Wiz’s present ownership or the status of any later proposal. TechCrunch’s October 28, 2024 report covers the offer.
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