CyberGRX raises $40 million to disrupt the third-party cyber risk management market
CyberGRX, provider of the world’s first and largest global cyber risk exchange, announced that it has raised $40 million in Series D funding led by ICONIQ Capital, who has also backed fast growth companies such as Datadog, Gitlab, Procore and Snowflake.
Existing investors AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners and TenEleven Ventures also participated in the round.
This investment precedes another year of tremendous growth for CyberGRX, which anticipates closing the year with 5x increase in recurring revenue and more than 54,000 organizations worldwide on their Exchange. To date, the company has raised a total of $100 million in equity financing.
With this raise, CyberGRX will continue to disrupt industry inertia around third-party cyber risk management (TPCRM) by advancing its innovative and proven approach to reducing third-party cyber risk.
The additional funds will enable the company to meet increasing demand, including expanding internationally and driving innovative product development in a direction that eradicates current mundane, time-consuming procedures.
To help steer the company’s enterprise growth strategy, Doug Pepper, General Partner, ICONIQ Capital, has joined CyberGRX’s board of directors.
“We are excited to partner with CyberGRX to actively support its continued growth and focus on product innovation,” said Pepper.
“As third-party related breaches continue to increase and as enterprises are exposed to an increasing number of third-party cyber risks, we recognize there is a clear need in the market for a modern approach to third-party cyber risk management.
“We believe that CyberGRX is uniquely positioned as a highly scalable third-party cyber risk management platform, with structured assessments and rich analytics, which is enabling a shift towards automation of risk identification and mitigation.”
CyberGRX has zeroed in on one of the most expensive and exploited attack vectors in cybersecurity with a mission of developing innovative software to mitigate the challenges organizations face in managing it.
Plagued with outdated solutions, third-party cyber risk management has been a painful and frustrating process that has drained valuable IT resources as well as confidence between partners, leadership, and other business stakeholders.
Globally, organizations have turned to CyberGRX to break the status quo and TPCRM inertia, and finally, start effectively managing and reducing third-party cyber risk.
“We are grateful to have ICONIQ as our partner as we continue to disrupt the cybersecurity and TPCRM markets,” said Fred Kneip, CEO, CyberGRX. “With their support, we aim to truly redefine the role of TPCRM in cybersecurity and create safer ecosystems for our customers.”