Denver-based CyberGRX, a global cyber risk exchange provider, announced Tuesday that it raised a $40 million Series D, bringing its total funding to $100 million.
This investment comes as CyberGRX experiences a period of rapid growth, with the company preparing to close the year with a five times increase in recurring revenue and more than 54,000 organizations worldwide on their exchange.
CyberGRX provides enterprises and their third parties with a cost-effective and scalable approach to third-party cyber risk management. CyberGRX gives organizations a stream of third-party data and analytics to help manage risk in their partner ecosystems. CyberGRX was designed with partners including ADP, Aetna, Blackstone and MassMutual.
The round was led by ICONIQ Capital, with participation from AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners and TenEleven Ventures.
The funding will help the company meet increasing demand, including expanding internationally and furthering product development.
To help guide the company's enterprise growth strategy, Doug Pepper, general partner at 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,” Pepper said in a statement. “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.”
Prior to this round, CyberGRX raised a $30 million Series C in November 2018.
