- LogicGate announced it raised $8.75 million in growth capital from Greenspring Associates and Silicon Valley Bank. These are the details.
LogicGate — a cloud software solutions for automating governance, risk, and compliance (GRC) processes through its Risk Cloud platform — announced it raised $8.75 million in growth capital from Greenspring Associates and Silicon Valley Bank. This round of funding will fuel LogicGate’s growth trajectory as the company revenue grew by over 100% in the past year driven by significant customer demand for the Risk Cloud product.
With this funding from Greenspring Associates, LogicGate has reached over $40 million in total funding. And this infusion will further LogicGate’s work in its partner and customer advancements in the form of a new GRC ecosystem for customers, partners, and prospects to explore all Risk Cloud offerings and create their ideal risk program and the focus on leading the market in risk quantification features. It will also fuel LogicGate’s expansion into European markets.
This year, LogicGate made enhancements to the Risk Cloud platform, adding native integrations with Okta, Slack, and Jira to their integrations suite. And the company doubled its library of out-of-the-box applications — which enable LogicGate customers to implement best-practice GRC processes quickly. With those changes along with other user-interface upgrades and customer success initiatives, it led to a 300% growth in monthly active users and a 20% increase in average applications used per customer.
KEY QUOTES:
“2020 showed just how important GRC is because of business disruption and exposure to new risks. This validates our mission, and I’m more confident in the LogicGate team and our product than ever. We saw some amazing milestones in 2020, like the launch of the LogicGate Power User Certification Program, the Risk Crowd User Community, and our first user conference, Agility. We’re helping more customers turn risk into a strategic advantage, and we’ll continue evangelizing this as LogicGate’s mission through 2021.”
— LogicGate CEO Matt Kunkel
“While compliance is non-negotiable, having a platform for it didn’t feel like a priority. Until now. Organizations are realizing that investing in a GRC platform is essential and that they’re not all archaic. Platforms like the Risk Cloud stand out because they’re flexible enough to be completely custom but also have pre-built content, frameworks and workflows. This combination of approaches to software enables enterprises to work efficiently and supercharge more processes than ever before.”
— Hunter Somerville at Greenspring Associates
