Risk Ledger, a UK-based supply chain cybersecurity company, has raised £24 million in Series B funding led by Axiom Equity, a specialist B2B SaaS growth equity fund, with participation from Mercia Ventures, a returning investor from the Series A. The funding will be used to deepen Risk Ledger’s customer network in the UK, develop AI-powered supply chain security tools, and fund expansion into the United States.
Risk Ledger is built around a network-first model that challenges the traditional approach to third-party risk management, in which organizations assess each supplier individually through repeated questionnaires at a single point in time. The company argues that this approach was designed for a simpler era and fails to address how modern supply chains actually function — as interconnected systems of thousands of organizations where the most significant risk often sits multiple layers deep within a supplier’s own supply chain.
The Risk Ledger platform replaces repeated, siloed assessments with a shared network in which each supplier completes one standardized security assessment and maintains it in real time across all connected organizations simultaneously. As more organizations join, the intelligence available to all participants improves — a network effect the company calls Active Supply Chain Security and its “Defend-as-One” model. More than 16,000 organizations currently participate in the network, spanning financial services, insurance, critical national infrastructure, and central and regional government in the UK.
The Series B proceeds will fund three priorities: bringing more organizations onto the network, building a new generation of AI tools trained on network data to automate manual security review work and surface risk signals that point solutions miss, and supporting U.S. market entry amid rising supply chain breach frequency and increasing regulatory pressure on third-party risk management. The round represents the final investment from Axiom Equity’s first fund.
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, Chief Executive Officer and Co-Founder, 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, 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
