CyberGRX collects $40m in Series D as it looks to meet rising demands

Third-party cyber risk platform CyberGRX has collected $40m in its Series D round which was led by ICONIQ Capital.

Other contributions to the round came from AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners and TenEleven Venture, all of which are existing investors in the RegTech.

CyberGRX is looking to meet rising demands for its products by expanding internationally and boosting development of its solutions.

The startup builds third-party risk management software to mitigate challenges of managing cyber threats. Its data analytics service helps enterprises to quickly assess, manage, monitor and mitigate risks in their partner ecosystem.

This investment has come after another strong period of growth for CyberGRX with expectations for it to increase its recurring revenue by five-times. Additionally, it is hoping to serve over 54,000 organizations by the end of the year.

ICONIQ Capital general partner Doug Pepper said, “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.”

Doug Pepper is also joining the CyberGRX board of directors to support the growth.

This investment comes a year after the RegTech’s former round, which was a $30m Series C led by Scale Venture Partners.

The new batch of capital puts CyberGRX’s total fundraising efforts up to $100m.

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