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Yubico funding, valuation and investors
Hardware security keys (YubiKey) for passwordless and two-factor authentication.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series B
$25M · 2019
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$25M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · Stockholm, Sweden / Santa Clara, California
Investors in latest funding
Lead: Meritech Capital
Overview
Yubico manufactures YubiKey hardware authentication devices implementing FIDO2/WebAuthn and OTP standards for passwordless and two-factor login. Used by enterprises, consumers, and governments, YubiKeys protect accounts against phishing and credential theft. The Swedish-American company raised a $25M Series B in 2019 led by Meritech with NEA and Andreessen Horowitz participating; Martin Casado joined Yubico's board in connection with a16z's investment. Yubico filed for IPO in 2023; public status should be verified against current SEC filings.
Why Yubico is interesting
Category-defining FIDO hardware — a16z board seat for Martin Casado alongside NEA and Meritech in growth rounds before 2023 IPO plans evolved.
Product & use cases
YubiKey is a USB/NFC hardware token that performs cryptographic authentication — users tap or insert the key to prove possession during login, resistant to phishing unlike SMS or app-based 2FA alone.
- Enterprise workforce passwordless login with FIDO2
- Developer and consumer protection for email, cloud, and crypto accounts
- Government and regulated industries requiring hardware-backed identity
Key facts
- Series B (2019): $25M led by Meritech; NEA and a16z — Yubico blog
- Martin Casado (a16z) joined board with a16z investment
- YubiKey category leader for FIDO hardware authentication
Funding history (newest first)
Series B
2019 $25M- Meritech Capital (lead)
- New Enterprise Associates (NEA) (participant)
- Andreessen Horowitz (participant)
Investors in our directory
Funds linked from Yubico's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: YubiKey is the de facto brand for hardware security keys — broad OS and service integration (Google, Microsoft, Okta) creates ecosystem lock-in competitors struggle to match.
Passkeys threaten standalone hardware for consumer use, but enterprises and high-security users still buy YubiKeys. Yubico's IPO path reflects mature growth company status. a16z's Casado board role links cybersecurity hardware to a16z's security thesis.
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Google Titan Security Key direct
Google-branded FIDO keys; Yubico broader cross-platform reputation.
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Feitian / generic FIDO keys direct
Lower-cost hardware; Yubico leads on brand trust and enterprise support.
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Passkeys (platform) alternative
Software passkeys reduce need for separate hardware for some users.
Notable stories
- Yubico co-founder Stina Ehrensvärd pioneered consumer-available hardware 2FA before passkeys existed — YubiKey became standard enterprise security swag (company history).
Industries
Related funding articles
Venture Capital Tracker pieces that cover Yubico's financing or category context.
FAQs about Yubico
Practical answers founders, operators, and investors typically search for.
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