Risk Ledger has raised £24 million in Series B funding to expand its supply chain cybersecurity platform, develop new AI-powered security capabilities and accelerate its entry into the U.S. market. Axiom Equity, a specialist B2B SaaS growth equity investor, led the round, with existing investor Mercia Ventures also participating.
The financing comes as Risk Ledger seeks to move organizations beyond conventional third-party risk management toward what it calls Active Supply Chain Security.
Traditional third-party risk systems typically evaluate suppliers individually and periodically. Risk Ledger argues that this approach does not adequately reflect modern supply chains, where organizations are connected through large networks and significant cybersecurity risks can originate several layers removed from the primary supplier.
Risk Ledger instead takes a network-based approach.
Each supplier completes a standardized security assessment and maintains a continuously updated profile that can be shared with connected organizations across the Risk Ledger network.
The model is designed to reduce repeated questionnaires while giving customers a more current view of vulnerabilities and relationships throughout their supply chains.
Risk Ledger describes the resulting approach as “Defend-as-One,” where organizations collaborate and share intelligence rather than managing supply chain security independently.
More than 16,000 organizations are now connected to Risk Ledger’s network.
Customers and participants span financial services, insurance, critical national infrastructure, central government and regional government.
The Series B will be used to expand that network further in the U.K. while increasing the amount of security intelligence available to participating organizations.
Risk Ledger also plans to develop a new generation of AI-powered tools built around its network data.
The company intends to use AI to automate manual security-review tasks and identify risk signals that conventional point solutions could overlook.
The larger network provides Risk Ledger with a growing dataset of supplier relationships and security information that can potentially improve its ability to identify systemic vulnerabilities across interconnected organizations.
The financing will also support expansion into the U.S., where Risk Ledger sees increasing demand driven by supply chain breaches and growing regulatory pressure.
The company believes cybersecurity risk is increasingly extending beyond corporate IT environments, with disruptions capable of affecting business operations, economic activity and critical infrastructure.
Risk Ledger’s strategy reflects a broader shift in cybersecurity toward understanding dependencies between organizations rather than evaluating individual vendors in isolation.
Axiom Equity said the network effects within Risk Ledger’s platform were a major factor behind its investment thesis.
The financing represents the final investment from Axiom Equity’s first fund.
Mercia Ventures, which backed Risk Ledger during its Series A, also participated again as the company enters its next phase of product development and international expansion.
KEY QUOTES:
“When we started Risk Ledger, third-party risk was something every company managed on its own, and collaboration across supplier ecosystems within sectors was rare. We built the company on one conviction: organisations are stronger when they Defend-as-One, sharing intelligence and reducing risk together rather than in isolation. That conviction now connects more than 16,000 organisations. This investment lets us build that vision faster, extending collective defence to more customers, putting AI to work on the manual tasks that consume security teams, and bringing Active Supply Chain Security to the United States.”
Haydn Brooks, CEO And Co-Founder Of Risk Ledger
“Risk Ledger is creating a category rather than competing in an old one. The network it has built is hard to replicate and grows more valuable with every organisation that joins, which is exactly the kind of business we look to back. The team has earned real trust with serious customers, and the product reflects that discipline. We are pleased to lead this round as the final investment from our first fund, and to support Risk Ledger through its next stage of growth.”
Jonathan Organ, Founding Partner At Axiom Equity
“We backed Risk Ledger at Series A because we believed Haydn and the team had identified a fundamentally better way to manage supply chain cyber risk. Three years on, that conviction has only strengthened. The team, customer base and the quality of the product all speak for themselves. We are delighted to welcome Axiom as lead investor and excited to see what the business can achieve with the capital and operational support this round provides.”
Adam Lovell, Mercia Ventures
