According to reports, Veza, an identity security startup, raised $ 108 million in a funding round led by global venture capital firm New Enterprise Associates.

The round also included participation from fresh investors Atlassian Ventures, Workday Ventures, and Snowflake Ventures, in addition to all current investors such as Accel, Google Ventures (GV), True Ventures, Norwest, Ballistic Ventures, J P Morgan, and Blackstone Innovations Investments.

The resources will be allocated for international go-to-market (GTM) growth and enhancing product development.

Established in 2020, the California-based company assists organizations in ensuring access across the enterprise. Its clientele comprises international companies like Wynn Resorts, Expedia, and Blackstone.

“Identity used to be an IT function, but it has now become the leading battleground of cybersecurity, with almost every breach linked to credential abuse,” says cofounder and chief executive Tarun Thakur.

According to Thakur, the firm brings together access permissions, authorization data, and activity into a unified data model, helping customers manage risk and control access more effectively.

Veza more than doubled its annual recurring revenue (ARR) compared to last year, with enterprise net revenue retention (NRR) close to 150%, indicating strong customer growth.

Aaron Jacobson, partner at New Enterprise Associates says , “Despite identity security being one of the most dynamic and critical sectors in cybersecurity, today’s legacy identity access providers are falling short of meeting modern security needs. As enterprises prioritize secure and compliant data access, Veza has demonstrated unmatched product innovation and the ability to deliver impactful solutions for global organizations.”

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“Identity is now a critical focus for enterprises as SaaS, cloud, and AI adoption accelerates. Veza redefines identity security by emphasizing not just who has access, but what actions they can perform with it. This innovative approach addresses a growing gap in enterprise security, especially amid the rise of identity-based attacks,” said Eric Wolford, partner, Accel Partners.