By Ateev Bhandari

March 26 (Reuters) - Island, an enterprise browser and

cybersecurity startup, said on Wednesday its latest funding

round valued it at $4.8 billion, marking a 60% jump in less than

a year, underscoring the rush by companies worldwide to

strengthen their security protocols.

The $250 million series E round, led by Coatue Management,

took the total funding for the company to $730 million. Venture

capital firms Cyberstarts, Sequoia, Insight Partners and

Georgian - the startup's existing investors - also joined the

round.

Island Co-founder and CEO Mike Fey told Reuters that the

company currently has more than $530 million in cash.

Launched in 2022, Island helps enterprises replace their

existing suite of applications with a single, security-focused

browser that comes built-in with all tools.

Cybersecurity has become more crucial than ever as a rapid

digital transformation across industries has increased the risk

of online attacks and hacks, prompting businesses to spend more

on safeguarding their domains.

Disruptions caused by the global CrowdStrike ( CRWD ) outage

last year have also encouraged some companies to boost their

budgets on protecting digital assets.

Last week, Google-parent Alphabet announced a $32

billion acquisition of cybersecurity startup Wiz, in its biggest

deal ever.

Total funding to VC-backed cybersecurity startups hit nearly

$11.6 billion last year, up 43% over 2023, Crunchbase data

showed.

Island counts seven of the 10 largest U.S. banks among its

customers, Fey said.

The company's last fundraising in April 2024, which valued

it $3 billion, was also led by Coatue, along with Sequoia

Capital.

"Coatue invests heavily in public markets. We like them

because we expect to be in a partnership with them, not just (in

the) private but in the public space," Fey said.

Fey and Dan Amiga, another co-founder and chief technology

officer, are enterprise security veterans, with past executive

roles at McAfee and Symantec Corp, respectively, according to

their LinkedIn profiles.