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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 (participant)
- Andreessen Horowitz (participant)
Source: Read source · yubico.com
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
Market / IPO context
Editorial / static context — not a live quote.
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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Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.