Orrick has advised Venafi, a Salt Lake City-based provider of machine identity protection, on its $100 million financing round. Led by TCV, existing investors QuestMark Partners and NextEquity Partners also participated. As part of the transaction, TCV general partner Jake Reynolds will join Venafi's board of directors.
The funding will be used to accelerate Venafi's growth and to cement the firm's growing market leadership. In addition, $12.5 million of the investment will be made available to third-party developers in the first tranche of Venafi’s Machine Identity Protection Development Fund.