Cybersecurity and risk management startup UpGuard, based in Hobart, has raised US$75 million (A$105 million) in a Series C funding round.
The round was led by New York-based growth equity firm Springcoast Capital, with support from existing investors August Capital, Square Peg, and Pelion Venture Partners.
The company will use the new funding to improve its AI-powered cyber risk management platform, grow its sales and marketing efforts, and explore strategic acquisitions.
Baukes, the CEO, said the business now has customers in 90 countries and a workforce on the ground in 14 countries.
“UpGuard has an opportunity to bridge the gap between risk and security, and this Series C round adds even more fuel to accelerate the delivery of our enterprise-grade solutions for the mid-market,” he said.
“This ensures that CISOs and lean security teams can stay resilient with best-in-class tools to address today’s increasingly complex threat landscape.”
“UpGuard has proven its ability to execute and achieve significant scale and capital efficiency in a critical market, and they have the vision and technology to achieve even more,” he said.
“We are excited to partner with the UpGuard team as they expand their AI-CRPM platform capabilities and solidify their position as a leader in cyber risk posture management.”
UpGuard was founded in 2012 under the name ScriptRock by Mike Baukes and Alan Sharp-Paul. Its first investor was Startmate.
In 2021, the company raised US$19 million (A$25 million) in a Series “B-1” funding round, which was led by Firemark Ventures.
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