From bootstrapped to billions: How Nord spent ‘hundreds of millions’ minting VPN customers to become Lithuania’s tech darling

Nord’s security begins a vague, bootstrapped company on one side of the world where tech champions are rare: Lithuania.

But it doesn’t take long to make it mainly with niche (and sometimes expensive) cyber products and VPN) products.

Thomas Okmanas and Eimanas Sabyiauskas saw this opportunity in 2012 while pursuing its races and decided to be worth exploring.

Displays Norrpede Specet Tooc to help it grow: People depend on the internet for all, which means that online security needs to increase in time. In fact, it has been-norded a large market among the hungry hungry on the internet.

Okmanas admits that when the company was built, “no one cares” outside certain tech companies seriously cave cybersecity.

As they continue to build the Nord, the case of use and demand increased. That also means that the building duo should be rich above engineering.

“I need to now [about] Finance, the legal world, corporate management, and how to run teams and companies, “Okmanas told wealth last year.

Most known as VPN software, Nord allows users to use the Internet while protecting their data and IP address. That means more privacy for the average user when browsing the web-but technology is more controversial.

VPNs can be used to round Government restrictions On the web and attacked by Hollywood Film Studios for their use of copyry and copyright breach.

But Lithuanian-based Nord has not been changed to legal and ethical behavior. It focuses on withdrawal of primary use of safe web use. Company servers will not log on user data – part of the privacy spiel. It has Salaliso that ad saeum, and told wealth that people using VPN only to access blocked or unused streaming services “.    

Okmanas says Nord’s tools are rarely used for illegal or wrong intentions. The company also has systems in place to prevent security violations and other threats online.

“Our goal is to recognize as many people as possible on the Nord Cloud Network, where it is available to people in a safe way,” he said.

The VPN world and more

The wide beats of Nord growth are unique: by 2022, 10 years after its establishment, it is achieved Right to unicornThere are over 15 million users in the world, and one of the most well-known companies in Lithuania (no other).

Okmanas said Nord saw that “grossly grown” for years. On September 2023, the company raised $ 100 million in $ 3 billion valuations, almost double the amount it turned out to be a unicorn one year earlier.

The company is not in shopping to help expand it. It informs a merger In Surfshark In 2022 and purchased the ironwall competitor this year, the Nord helped to grow its clout RIDING and forward. Most Nord user base centered in the US and contains a wide age of age, while the rest of its customers are a mixture of common internet users and small businesses.

The Nord made the presence of this feeling – not usually stumbling with its ads while listening to a podcast or watching a YouTube or tick used in Rapper Drake, Bloomberg reported). Okmanas says it’s a deliberate effort to teach many people online tools on the Nord. It’s just a lot of ways to spend the company to get new customers aboard online threats that continue to bath.

“We took hundreds of millions of dollars for our customer acquisition, and it worked. Users saw the amount, and we were happy,” says Okmanas.

Next Nord steps

The Nord has another building to come to Vilnius as it continues to expand it business. For companies in a large scale like the Nord, a IPO seems to be a natural next step (at least what airbnb and uber do, and it is one of the trails firms hit with).

But Nord didn’t see it. Their goal is to be prepared for the IPO but do not have to go to the public immediately, because it is a good barometer where the company stands.

“We have big ambitions but don’t have to do a IPO,” says Okmanas. The Nord May began a little, but it was worth a cash flow basis since the beginning. It turned out to be Ebitda – positive last year.

He said there was no deadline with no time but wanted to prepare it to be ready for an IPO to “Press of a button.”

“But in fact, we do not need it, and we do not do it in the next six months or a year,” as the co-ceo.

“We’re in a lucky position where we grow older, and we are very useful.”

A version of this story originally published in Fortune.com On September 30, 2024.

This story originally shown Fortune.com

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