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June 2024 Cybersecurity Market Update & Trends
Stay informed on June 2024's cybersecurity market trends, investments, major acquisitions, and key insights in this monthly wrap-up.
Mike Privette
July 19, 2024 • Reading Time: 5 minutes
Welcome to the monthly wrap-up issue of Return on Security, where I’ll cover this month’s most relevant cybersecurity market and funding updates. I spend hours collecting, curating, and analyzing this information every week, so you don’t need to - here we go👇
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Table of Contents
⚠️ Important: All of the charts are interactive, so you can click around, filter, hover over, and even download the data to get the most out of it. |
By the Numbers
June was another month for the record books in the cybersecurity industry. The cybersecurity industry had its fourth straight month of funding that exceeded $1 billion in 2024. The month of June clocked in at $1.01 billion, continuing the trend of the industry having a huge impact on the broader tech ecosystem.
June 2024 funding was distributed across 61 events in 30 unique cybersecurity product categories, with Data Protection, Managed Detection and Response (MDR), and Threat & Vulnerability Management (TVM) leading the way.
Here is a breakdown of funding events by product category:
Global Distribution
In June 2024, the cybersecurity sector saw even more global investment activity than in previous months, with firms from 17 countries securing significant funding.
American companies continued to lead the space, capturing 58% of the total funding, or $765 million, across 38 events. The United Kingdom came in second, accounting for 9.8% of the total funding, or $165 million, for six events.
Mergers & Acquisitions
Mergers and acquisitions for the month of June also dropped slightly from the previous month, with 20 transactions.
The biggest M&A story in June, however, was Fortinet's closure of the Lacework acquisition. An unlikely beacon in the cloud security and CNAPP sea ruled by the likes of Wiz, Fortinet came to Lacework’s rescue with deal terms at about 2% (between $150 to $200 million) of the height of Lacework’s valuation. At its peak, Lacework was valued at $8.3 billion and had raised $1.3 billion in funding.
I expect high-profile transactions to continue to be a major theme throughout 2024. Here’s the data breakdown from June:
Top Content For the Month
Some of my favorite Great Reads and other content from this past month that you might have missed.
Here are the past weekly newsletters from this month.
Data Methodology and Sources
All of the data is captured point-in-time from publicly available sources.
All financial figures are converted to U.S. dollars (USD) when collected.
Company country locations are pulled from publicly available sources.
Companies are categorized using our own system at Return on Security, and we write all of the company descriptions.
Sometimes, the details about deals, like who led the round, how much money was raised, or the deal stage, might get updated after the issue is first published.
Let us know if you spot any errors, and we’ll fix them.
About Return on Security
Return on Security is all about breaking down the cybersecurity industry for you with expert analysis, hard facts, and real-life stories. The goal? To keep security pros, entrepreneurs, and investors ahead in a fast-moving field. Read more about the “Why” here.
Feel free to borrow any data, charts, or advice you find here. Just make sure to give a shoutout to Return on Security when you do.
Thank you for reading. If you liked this summary, please share it with your friends, colleagues, and anyone interested in the cybersecurity market.