Island Secures $250 Million as Valuation Continues to Soar to Nearly $5 Billion

News

Island Secures $250 Million as Valuation Continues to Soar to Nearly $5 Billion

2025-03-26 18:00 Last Updated At：18:21

DALLAS--(BUSINESS WIRE)--Mar 26, 2025--

Island, the Enterprise Browser company, announced its $250 million Series E financing round. This brings Island’s valuation to $4.8 billion in less than five years since its 2020 founding.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250326755283/en/

Coatue Management led the new funding, with several existing investors participating in the round. Island has secured approximately $730 million in outside investment to date.

“The Enterprise Browser upgrades web browsers from a dedicated consumer software package to an enterprise-ready solution, adding value to knowledge workers, IT departments, and security teams. Island improves productivity, simplifies the IT stack, reduces complexity, and embeds security,” said Mike Fey, CEO and Co-founder of Island. “Organizations of all sizes and industries have made Island the cornerstone of their IT modernization initiatives. The new funding will help scale our product development and talent acquisition to meet enterprises’ demanding and evolving IT needs.”

Island has approximately 500 employees, with more than 200 in product development and engineering. Island emerged from stealth mode in February 2022. Since that time, the company has won 450 customers, with annual recurring revenue more than doubling each year following.

“Customer collaboration has been the key to building the Enterprise Browser since day one,” said Dan Amiga, CTO and Co-founder of Island. “Creating and growing a new category requires deep technical partnerships and maximum trust between CIOs, CISOs, and product teams. Our customers’ input has been invaluable to securing their sensitive data, eliminating IT inefficiencies, and making IT work best for end users.”

Island has seen traction across every major vertical and size of organization, from Fortune 1000 enterprises to small and midmarket companies to government agencies and higher education institutions.

“We’re thrilled to continue our partnership with Island as they scale their vision and bring greater security and productivity to the modern workplace,” said David Schneider, General Partner at Coatue. “Island’s world-class executive team has continued to deliver a product that drives immense value for enterprise executives and end users alike. As AI adoption continues to accelerate, Island is helping establish a new industry standard. Companies of all sizes should now rely on secure environments like Island to remain competitive and protect their operations. We look forward to supporting their next stage of growth.”

The Island Enterprise Browser

The Island Enterprise Browser is the ideal enterprise workspace, where application delivery is simple, data is fundamentally secure, and work itself is smooth and natural. By embedding the core IT, security, and productivity needs into the browser itself, Island provides organizations with unprecedented last-mile control, enabling them to precisely govern all browser activity.

IT teams log and audit work activity while keeping personal browsing private. Security teams protect sensitive data from even the most sophisticated attacks, with a secure-by-design architecture. And users gain productivity-enhancing features while working in the familiar Chromium-based browser experience.

Leading enterprises across all industries are using the Enterprise Browser to deliver secure access to SaaS and web apps, enable zero-trust network access, make BYOD viable, onboard contractors in minutes not weeks, support smooth M&A transitions, reduce reliance on virtual desktop infrastructure (VDI), and transform how work gets done.

About Island

Island created the Enterprise Browser, a simplified enterprise workspace delighting CIOs, CISOs, and end users. Organizations in defense, financial services, government, higher education, hospitality, manufacturing, and retail modernize their security and jumpstart productivity with a browsing experience they know and love. Investors include Canapi Ventures, Capital One Ventures, Cisco Investments, Citi Ventures, Coatue Management, Cyberstarts, EDBI, Georgian, Insight Partners, Prysm Capital, Sequoia Capital, ServiceNow Ventures, and Stripes. Island is based in Dallas with research and development led from Tel Aviv. Email info@island.io or call (866) 832-7114.

GM says firing Grizzlies' coach with 9 games left his decision and in team's best interests

2025-03-30 01:17 Last Updated At：01:21

MEMPHIS, Tenn. (AP) — Memphis general manager Zach Kleiman said Saturday the decision to fire coach Taylor Jenkins with nine games remaining in the regular season with the franchise firmly in the playoff chase was “mine and mine only" and in the Grizzlies' best interests.

Kleiman spoke to reporters after the Grizzlies' pregame shootaround for Saturday night's game against the Los Angeles Lakers — barely 24 hours after Memphis announced firing Jenkins in his sixth season with the Grizzlies. Memphis named Tuomas Iisalo as the interim coach with the Helsinki, Finland, native in his first season coaching in the NBA.

“I came to the conclusion this was in the best interest of the team, and urgency is a core principle of ours so decided to go on with the move,” Kleiman said.

The Memphis GM spoke for less than three minutes, and no Grizzlies spoke after the shootaround. They won't be available until later Saturday at the usual pregame open locker room session when Iisalo speaks to the media for the first time in his new role.

Asked if he hopes making this move now with the Grizzlies currently fifth in the Western Conference starting a stretch with eight of the final nine opponents either playoff clubs or contending for a play-in spot helps Memphis salvage the season, Kleiman said he is focused on how the Grizzlies operate. It's still possible, at least mathematically, that Memphis could get back to No. 2 in the West, and it’s highly unlikely that the Grizzlies will fall into the play-in tournament range.

“I'm responsible for everything,” Kleiman said. “I'm responsible for coaching. I'm responsible for the roster. I'm not trying to absolve myself of anything. I'm excited to see what this team can do the rest of the way, but this was the conclusion that I came to that this was in the best interest of the team and we push forward with this group.”

Kleiman said no players were consulted about the move to fire Jenkins. Kleiman helped hire Jenkins in June 2019 after his own promotion to executive vice president of basketball operations. The GM also did not answer a question about what he wants from Memphis' next coach.

Jenkins had been the fifth longest-tenured coach with his current club in the league, behind only San Antonio’s Gregg Popovich, Miami’s Erik Spoelstra, Golden State’s Steve Kerr and Denver’s Michael Malone — all of them having won NBA titles. In this season with a maturing roster, the Grizzlies' results against the NBA's best weren't good.

The Grizzlies were 0-4 against Oklahoma City, losing those games by 24, 13, 17 and 21 points. They’re 3-6 so far this season against Houston, Denver and the Lakers, the next three teams ahead of them in the West. All season, the Grizzlies were 33-9 against teams at or below .500 and 11-20 against winning clubs.

Jenkins, with a career record of 250-214, was the winningest coach in franchise history for a team that launched in 1995. He had the longest tenure for a Grizzlies' coach since Lionel Hollins took over in the 2008-09 season before his contract was not renewed after reaching the Western Finals in 2013 with a 56-26 record.

But Jenkins has been criticized for continuing to use too many players at a point in the schedule when the rotation needed to be tightened and questioned for his late-game timeouts and other decisions. Asked about reports of two-time All-Star Ja Morant’s frustration over the Memphis offense, Kleiman repeated this was his decision.

Morant, who has missed the last six games with a left hamstring strain, now is listed as questionable for Saturday night's game with the Lakers.

Now Iisalo takes over after coming to the NBA as a Grizzlies assistant for this season, becoming the first Finnish-born coach in the NBA. Iisalo played and coached in Europe, including in 2024 when he was head coach of Paris Basketball, winning the EuroCup and honors as that league’s coach of the year. He also coached Telekom Baskets Bonn between 2021-23 and Crailshem Merlins between 2016 and 2021.

“Looking forward to seeing what he's able to do with this group,” Kleiman said of Iisalo. “There's realistic expectations. There's not going to be time to install a bunch of things this time of year. My expectations are clarity of direction and we'll see what we can do, we'll see what we can execute.”

AP NBA: https://apnews.com/hub/nba