Island, a Dallas-based cybersecurity firm, has secured $250 million in a Series E funding round, raising its valuation to $4.8 billion. The round was led by Coatue Management, with participation from several existing investors.

This new valuation marks a 60% increase from April of last year when Island raised $175 million in Series D funding at a $3 billion valuation, also led by Coatue.

Island develops an enterprise browser designed to improve both security and productivity for businesses. The browser allows security teams to control how users interact with work and web applications, helping to safeguard critical data.

The company currently employs around 500 people, with more than 200 in product development and engineering, and serves over 450 customers.

A Growing Cybersecurity Market

The funding round comes just days after Google’s parent company, Alphabet, announced its intention to acquire cloud security startup Wiz for $32 billion, marking the largest-ever M&A exit for a VC-backed company. This deal is expected to increase investor interest in the cybersecurity space, which already saw growth in venture funding last year.

Island has a history of securing significant funding. In October 2023, it raised $100 million in a Series C round, led by Prysm Capital, which valued the company at $1.5 billion. Earlier, in March 2022, Island raised $115 million in a Series B round at a $1.3 billion valuation, led by Insight Partners, making it a unicorn just seven weeks after launching.