Duo Security raised $120M before its acquisition, including a $70M Series D in 2017 at a $1.17B valuation. Founded in 2010 by Jon Oberheide and Dug Song, Duo built MFA, SSO, and device trust solutions for enterprises. Funding supported product expansion, global sales scale, and integrations. The Ann Arbor–based company delivered user-friendly, secure access management across cloud, web, and on-prem apps. Key investors included Benchmark, Google Ventures, and Meritech Capital.
Keep reading to see how Duo secured enterprise access.
What Is Duo and What Does It Do?
Duo, founded in 2010 by Jon Oberheide and Dug Song, is an Ann Arbor–based (United States) cybersecurity company (now acquired). Duo employed ~640 people.
The company provided multi-factor authentication, single sign-on, device trust, adaptive policies, and secure access controls. Its platform simplified enterprise security while integrating with cloud applications, identity providers, and endpoint systems. Duo became a leading solution for securing hybrid and distributed workforces.
How Much Funding Has Duo Raised?
1. Series D
- Amount Raised: $70M
- Date: Oct 18, 2017
- Lead Investors: Meritech, Lead Edge, Index Ventures, Benchmark, Google Ventures
- Purpose: Scale global go-to-market and enterprise adoption
2. Series C
- Amount Raised: $30M
- Date: Apr 14, 2015
- Lead Investors: Redpoint, Benchmark, True Ventures, Google Ventures
- Purpose: Product expansion and channel growth
3. Series B
- Amount Raised: $12M
- Date: Sep 22, 2014
- Lead Investors: Benchmark
- Purpose: Early product and market scaling
Total Funding Raised: $120M
Latest Funding Date: Oct 2017
Current Valuation (pre-acquisition): $1.17B
Key Investors
- Benchmark
- Details: Early-stage VC focused on foundational companies
- Focus Areas: Security, SaaS, marketplaces
- Notable Investments: Twitter, Uber, Zillow, Snap, Duo
- Google Ventures (GV)
- Details: Corporate VC arm of Google investing across deep tech and cloud
- Focus Areas: Enterprise SaaS, security, AI
- Notable Investments: Uber, Slack, GitLab, Duo, Flatiron Health
- Redpoint Ventures
- Details: VC firm investing in early-stage consumer and enterprise companies
- Focus Areas: Cloud, security, consumer internet
- Notable Investments: Snowflake, Twilio, HashiCorp, Duo, Stripe
- Meritech Capital
- Details: Growth investor focusing on later-stage tech companies
- Focus Areas: Enterprise software, security
- Notable Investments: Datadog, Salesforce, Palo Alto Networks, Duo
- Index Ventures
- Details: Europe-U.S. VC with strong enterprise portfolio
- Focus Areas: SaaS, security, fintech
- Notable Investments: Slack, Deliveroo, Supercell, Dropbox, Duo
Where Is Duo’s Headquarters?
Duo is headquartered in Ann Arbor, Michigan, United States, with additional engineering and product teams in the Bay Area.
What’s Next for Duo?
Post-acquisition, Duo’s solutions have been integrated into larger security platforms, focusing on zero-trust access, broad SSO adoption, and continued innovation within the acquiring organization.
Get Investor & Funding Insights with TexAu
TexAu helps sales and business teams uncover detailed fundraising information on companies like Duo. Research investors, track funding rounds, and gather actionable insights to strengthen prospecting and business strategy.
Sign Up for Free to access real-time investor and funding intelligence.
