- ForgeRock, the leading provider in digital identity, announced that it has completed a $93.5 million Series E round of funding. And it is now hitting $100 million in ARR.
ForgeRock, the leading provider in digital identity, announced that it has completed a $93.5 million Series E round of funding. This round of funding was led by Riverwood Capital. And existing investors including Accel, Meritech Capital, Foundation Capital, and KKR Growth also joined.
Including this round of funding, ForgeRock has now raised over $230 million in growth capital since its founding. And Riverwood Capital co-founder and managing partner Jeff Parks will join the ForgeRock board of directors.
ForgeRock also announced that its revenue is now north of $100 million and its annual recurring revenue growth is 75%, a sign of customer satisfaction and strong demand. Now over 1,100 organizations use the ForgeRock Identity Platform.
With this round of funding, ForgeRock will invest in research and development, cloud, global sales, and market awareness so it can accelerate growth and continue to enable its customers to create exceptional digital identity experiences for their workforces, consumers, and things. And the company will continue to invest in ForgeRock Identity Cloud, aimed at making it easier for enterprises to scale by offering a full range of cloud deployment options.
This round of funding occurs at a time when companies across all industries are looking to increase their investment in solutions that enable powerful digital experiences for both employees and customers. And this reality has fueled massive growth in the $16 billion digital identity market — which is growing at a 13% annual rate, according to Gartner.
In 2010 fewer than 50 people worked at ForgeRock. And now more than 600 team members contribute from offices around the world.
Key Quotes:
“To be competitive today, companies need to deepen their relationships with their customers and improve the productivity and connectivity of their workforce. ForgeRock is the only AI-driven platform that empowers organizations to create amazing digital experiences for both workforce and consumer segments as well as things. Increasingly, our platform is becoming mission critical to the largest organizations in the world, and we take our responsibility seriously to deliver on their expectations. This has become even more pronounced as remote work and E-commerce has surged in the wake of the COVID-19 pandemic. Completing this funding round in the current climate is a testament to the relevance of ForgeRock.”
-ForgeRock CEO Fran Rosch
“ForgeRock’s comprehensive platform is very well-positioned to capitalize on the enormous opportunity in the Identity & Access Management market. ForgeRock is the leader in solving a wide range of workforce and consumer identity use cases for the Global 2000 and is trusted by some of the largest companies to manage millions of user identities. We have seen the growth acceleration and are thrilled to partner with this leadership team.”
-Jeff Parks, co-founder and managing partner of Riverwood Capital
