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22 September 20214 minute read

DLA Piper advises TrueFort in US$30 million Series B financing

DLA Piper represented TrueFort, the zero trust application protection company, in a US$30 million Series B funding round led by Shasta Ventures, with participation from Canaan and existing investors Evolution Equity Partners, Lytical Ventures and Emerald Development.

The funding will support expanded go-to-market activities and multiple R&D initiatives, including offerings that help enterprises better manage their application risk posture and pursue a zero trust security strategy.

“It was a pleasure to assist TrueFort in obtaining this funding, which will enable it to expand into new markets and continue to provide value to customers seeking to prevent data breaches,” said Andrew Gilbert, vice chair of DLA Piper’s US Corporate practice and the partner who led the firm’s deal team. “We brought together our market-leading experience advising emerging growth companies and our deep understanding of the data protection, privacy and security space to facilitate a smooth transaction,” said DLA Piper partner Scott Cowan.

In addition to Gilbert and Cowan (both of Short Hills), the DLA Piper team representing TrueFort included associate Christine Korper (Chicago).

“TrueFort is fortunate to have a trusted partner in DLA Piper,” said Sameer Malhotra, co-founder and CEO of TrueFort. “The firm’s transactional capabilities have been invaluable during the funding process and beyond.”

DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including healthcare, insurance, biotech, fintech, manufacturing, communications, security, software and semiconductors. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.

DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.

About TrueFort

 TrueFort brings zero trust protection to critical business applications. Leveraging unique real-time, adaptive trust, and cloud-to-ground capabilities, TrueFort’s Fortress platform detects and contains security threats before they become business risks. Founded by former IT executives from Bank of America and Goldman Sachs, leading global enterprises trust TrueFort to deliver unprecedented application visibility and security.