Conceal Closes $26 Million Series B Funding Round Led by Two Bear Capital

Investment will drive product development velocity, go-to-market initiatives, and other key corporate strategies.

AUGUSTA, Ga., Oct. 16, 2025 /PRNewswire/ -- Conceal, the pioneer in browser-native Security Service Edge (SSE) and proxy-less Zero Trust Network Access (ZTNA) technology, today announced the closing of a $26 million Series B funding round led by Two Bear Capital, with continued support from Allegis Cyber and Gula Tech Adventures.

The new investment will accelerate product development, expand go-to-market initiatives, and grow the Conceal team. This will support the company's mission to help enterprises deliver trusted access and in-browser security to employees and third-party contractors wherever they are located.

"We are thrilled to have Two Bear Capital lead this newest investment in our vision to change the way organizations reach their zero-trust and browser security goals," said Eric Cornelius, CEO of Conceal. "For years, organizations have relied on inefficient methods of delivering secure access and browser protection, often leaving gaping holes that attackers could exploit. Our direct approach to zero trust and in-browser security finally delivers on the promise of tech-stack consolidation, driving out complexity, cost, and friction."

"Conceal's browser-native approach represents a major shift in how enterprises deliver secure access," said Mike Goguen, Founder and Managing Partner at Two Bear Capital. "They are addressing one of cybersecurity's biggest challenges, simplifying secure connectivity without sacrificing control and doing it in a way that scales naturally with how people work today. Conceal is a great addition to the Two Bear Capital portfolio and we look forward to working with its leadership team to support the company's dynamic growth."

The investment comes at a time when organizations are reevaluating legacy VPNs, proxies, and cloud-routed SSE solutions that add latency, cost, and operational complexity. Conceal's browser-native approach is leading a growing industry shift toward lightweight, direct-to-browser security.

The Conceal Approach to Zero Trust and Browser Security

Today, most organizations maintain two complicated technology stacks to deliver connectivity and security. While many cybersecurity vendors focus on consolidating the security stack, the connectivity stack, often a significant source of cost and complexity, remains largely untouched.

With the Conceal Browser-Native SSE Platform, organizations can consolidate both into a single platform, allowing them to reallocate budgets and scarce human resources to other critical priorities.

Through advanced in-browser technology, Conceal delivers direct connections to applications while eliminating the need for complicated connectivity products such as VPNs, VDIs, and proxies. Unlike "enterprise browsers," Conceal doesn't require installing yet another browser; its intelligent extension works seamlessly with any existing one.

For unmanaged devices, users log into the Conceal Console, where they receive secure, policy-based access to the private resources they're authorized to use without installing software locally.

Security and IT teams gain complete visibility into user activity and threats, with pre-built integrations that stream data into SIEM/XDR platforms and commonly used tools such as Splunk, SOAR, and BI solutions. Conceal also provides executive-level reports showing the platform's measurable value and risk reduction.

To learn more about Conceal and its approach to Zero Trust and Browser Security, read the blog from CEO Eric Cornelius and register for the upcoming webinar.

About Conceal
Conceal delivers a Browser-Native Security Service Edge (SSE) platform that provides Zero Trust Access and in-browser security without relying on VPNs, proxies, or datacenter-routed traffic. Conceal enables secure, direct access to any application from any device, helping organizations reduce complexity, cost, and risk. For more information, visit conceal.io.

About Two Bear Capital
Founded in 2019 by Mike Goguen, Two Bear Capital is a venture capital firm investing in brilliant entrepreneurs with breakthrough solutions to complex and critical problems. With its unique approach to venture capital, Two Bear Capital's vision is to build enduring, high-impact businesses that benefit society while delivering for investors. The firm primarily focuses on early founder-led companies with disruptive life sciences and technology innovations. Two Bear Capital has offices in Menlo Park, San Diego, Boston, and New York, with its home base in Whitefish, Montana. For more information, visit: www.twobearcapital.com.

Media Contact:
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SOURCE Conceal