- Oxylabs has confirmed an annual run rate of $350 million and announced it has raised $130 million from Warburg Pincus at a $3.6 billion valuation.
- This is Oxylabs’ first external funding in ten years, after a decade of growing the company without outside investment.
- The round makes it the second Tesonet-incubated company to reach unicorn status, after Nord Security.
For 10 years, Oxylabs turned away outside investors, building an unglamorous proxy business into a company generating hundreds of millions in revenue without ever taking a check.
This week, that changed: the Vilnius-based web data infrastructure company confirmed it has raised $130 million from Warburg Pincus at a $3.6 billion valuation, its first outside investment since its founding in 2015, and disclosed that its annualised run rate has passed $350 million.
The company’s revenue multiple is about 10.3x, based on a $3.6 billion valuation, which is higher than what its rival, Bright Data, reportedly commands for similar revenue. Oxylabs serves more than 350,000 customers, including several Fortune 500 companies, but did not share revenue by segment.
“With Warburg Pincus, we will build on this momentum and our lead in web data infrastructure and product development, and continue executing our long-term strategy,” says Vytautas Savickas, group chief executive of Oxylabs.
Chief financial officer Jurgis Gabrielius Rudgalvis tells Tech Funding News that the company has proven its ability to execute as the leader in data infrastructure platforms and that the new capital would go toward expanding and strengthening the global network.
At a $3.6 billion valuation, Oxylabs is now Lithuania’s second-most-valuable private company, behind Vinted, which was valued at about $5.6 billion in 2024. Oxylabs is also the second company from Vilnius’ Tesonet accelerator to become a unicorn, following Warburg Pincus’ 2022 investment in Nord Security.
First outside money in a decade
Oxylabs was founded in 2015 by Mindaugas Caplinskas and started out of Tesonet, which also launched Nord Security and Surfshark. The company is based in Vilnius and has about 500 employees. Earlier this year, Savickas became group chief executive, taking over from Julius Černiauskas, who is now chairman.
Oxylabs provides companies with access to a network of proxy IP addresses, enabling them to collect public web data, such as competitor pricing and search results, without being blocked. Some sources say the company has between 100 million and 175 million IPs, but Oxylabs has not confirmed the exact number.
The company started as a data centre proxy service and now also supports AI agents that require real-time web data. For example, e-commerce companies can track competitors’ prices, and AI labs can ensure chatbots use up-to-date information.
Bright Data, based in Netanya, Israel, is Oxylabs’ main competitor. Bright Data received private equity investment from EMK Capital in 2017, passed $300 million in annual recurring revenue in 2025, and won legal cases against Meta and X that set industry standards. NetNut and Decodo also compete in the proxy sector, but on a smaller scale.
The web scraping market was valued at $1.03 billion in 2025 and is projected to reach $2.23 billion by 2031, growing at a 13.78% CAGR, according to Mordor Intelligence.
Same playbook, different company
Warburg Pincus has firsthand experience with the quality of companies in the Tesonet ecosystem through their partnership with Nord Security, which made Oxylabs a logical partner for the Capital Solutions team, according to Rudgalvis.
When asked if this funding round could lead to more fundraising or an IPO, Oxylabs did not comment. They only said that “whatever comes next will follow from” carrying out its current strategy.
Allison Ross, principal at Warburg Pincus, adds, “Oxylabs has established itself as a leader in data infrastructure through its sophisticated, robust, and compliant technology and expansive network. We are excited to support the Oxylabs team as they continue to expand their offering to help their blue-chip customers access and unlock data-driven insights.”
The $130 million investment came from the Warburg Pincus Capital Solutions Founders Fund, which closed in September 2024 with over $4 billion in commitments for founder liquidity, growth, and M&A. Warburg Pincus manages more than $105 billion in assets across over 225 active portfolio companies, including DriveCentric, Global Eggs, and MIAX. Goldman Sachs Bank Europe SE was the sole placement agent for the deal.
Warburg Pincus has now used a similar approach twice with companies from the Vilnius accelerator, investing in profitable firms that had not previously taken outside funding. Oxylabs is getting a higher revenue multiple than Bright Data for similar revenue, but has not said how much of its $350 million run rate comes from AI agents. This number will be important for judging if the current valuation can last.
