Posted on Mar 18, 2021
SecurityScorecard is thrilled to announce today that we have completed a $180 million Series E preferred stock financing round with participation by new investors including Silver Lake Waterman, funds and accounts advised by T. Rowe Price Associates, Inc., Kayne Anderson Rudnick, and Fitch Ventures, as well as existing investors Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, GV (Google Ventures), and Boldstart Ventures. This round brings SecurityScorecard's total funding to more than $290 million.
The new round of funding will further accelerate SecurityScorecard’s corporate growth with investments across new product lines like deeper threat intelligence, global expansion, a broadening partner ecosystem, and added customer benefits and features to assess and mitigate cybersecurity risk in novel ways through a suite of products on top of our platform.
As the world grows more interconnected, security ratings are becoming a must-have -- for organizations to make critical business decisions -- and ratings were recently identified as a cyber risk metric by DHS’s CISA. We envision a world where SecurityScorecards is used by millions of companies worldwide to communicate to their Boards, by regulators who are investigating breaches, to make M&A diligence decisions, to hold suppliers accountable, and to become resilient themselves.
This investment allows us to do what matters most: deliver transformational value to thousands of companies and springboard innovation to the way organizations worldwide manage cyber risk.
SecurityScorecard has reached recent key milestones and received strong industry endorsements as the company has scaled:
We’ve come a long way since we started the company in 2014 and accomplished much in a short time. With this new infusion of capital, we look forward to accomplishing even more.
Silver Lake Waterman: “Security ratings have become a key factor for organizations in understanding cybersecurity risk and have broad application across the enterprise and strategic decision-making. The depth of the SecurityScorecard data, integrations and platform has created a solid foundation with strong network effects to drive future growth,” said Shawn O’Neill, Managing Director at Silver Lake Waterman. “We are excited to partner with Alex and his team and invest in SecurityScorecard to further extend their market leadership position.”
Evolution Equity Partners: “SecurityScorecard’s business is uniquely positioned in the security ratings space with a product platform that is an indispensable tool for enterprises and insurance providers seeking to understand the security posture of their organization and third parties. We are impressed with the company’s entrepreneurial and progressive outlook on building a strong future,” said Richard Seewald, Managing Partner at Evolution Equity Partners. “This latest funding round indicates our strong support for their significant and sustainable growth moving forward as they continue to win against competition with their market-leading solution.”
Fitch Ventures: “The nature of credit risk is constantly evolving and cybersecurity risk is certainly becoming a more frequent and prominent consideration. Through Fitch Group's collaboration with SecurityScorecard, we can provide investors with additional insight into how to assess this risk,” said Shea Wallon, Managing Director, Fitch Ventures.
Kayne Anderson Rudnick: “Increasingly, digital corporate footprints have rapidly expanded the attack surface for cybercriminals,” said Chris Armbruster, Portfolio Manager for Kayne Anderson Rudnick. “SecurityScorecard has built a differentiated, scalable platform from the ground up that leverages machine learning to deliver insights vital to maintaining a secure IT infrastructure. It is this vision and ability to execute that provides us confidence that SecurityScorecard will become mission-critical to its customers and realize its potential as one of cybersecurity’s important technologies.”
Accomplice: “As a long-time investor, we’ve witnessed SecurityScorecard's technology and growth strategy elevate the company from startup to one of cybersecurity’s most sophisticated and promising privately held companies,” said Jeff Fagnan, founder, Accomplice. “The company’s current momentum is exciting, and we can’t wait to see what the future holds.”
NGP Capital: “SecurityScorecard’s cybersecurity risk ratings answers the call for global enterprises challenged with protecting its growing amount of sensitive information living both inside and outside of their network,” said Upal Basu, General Partner at NGP Capital. “We are impressed with SecurityScorecard’s ability to quickly scale its platform to rate millions of companies worldwide to see and mitigate such a large swath of global risk.”
J.P. Morgan Securities LLC served as the sole placement agent for SecurityScorecard.
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