UpGuard bags $19m in its Series B-1 round

Third-party risk and attack surface management platform UpGuard has completed its Series B-1 funding round, pulling in $19m.

The round was backed by IAG Firemark Ventures, Pelion Venture Partners, Square Peg Capital and August Capital.

Capital from the round will be put towards helping the company accelerate the development of its product and supporting its global expansion.

UpGuard prevents data breaches by ensuring companies assess and monitor their third-party vendors and protect against data leaks. It claims to have a team of cyber researchers and analyst that has helped secure two billion sensitive data leaks from organisations including Facebook, the Republican National Committee, Amazon, GoDaddy and Tesla.

Since 2016, the company has increased its sales by around 129% year over year and launched three new standalone products. In 2020, the company achieved 179% growth in customers.

UpGuard co-founder and Co-CEO Mike Baukes said, “With third party breaches and supply chain leaks becoming a nearly daily occurrence, monitoring your vendors has become absolutely critical to anyone who manages business risk.

“We are extremely fortunate to be able to use this investment to continue building fantastic products to protect our customers against this threat, wherever in the world they may be.”

With the close of the round, the company has raised a total of $45m in funding.

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