UpGuard Raises $75M for Risk Management
Cybersecurity and risk management firm UpGuard has raised $75 million in a Series C funding round led by Springcoast Partners. The company stated the investment will be used to drive product innovation in cyber risk posture management and support global expansion. The funding signals continued investor confidence in the security posture management market.
- This Series C round brings UpGuard's total funding to over $120 million, following a previous total of approximately $46.3 million from investors like Pelion Venture Partners and IAG Firemark Ventures. - The company, founded in 2012 as ScriptRock by Mike Baukes and Alan Sharp-Paul, was part of the Startmate accelerator program in Australia and is now considered the most valuable company in the program's portfolio. - Lead investor Springcoast Partners focuses on growth-stage software and technology companies, with other cybersecurity firms like Acronis and Deepwatch in its portfolio. - UpGuard plans to use the capital for potential acquisitions, to further develop its AI-powered Cyber Risk Posture Management platform, and to support global expansion. - The firm operates on a subscription-based model, offering tools for third-party risk management and attack surface monitoring to its clients. - UpGuard reports that it serves 50,000 organizations across nearly 100 countries and processes 100 billion risk signals daily. - This investment occurs within a rapidly growing security posture management market, which was valued at over $24 billion in 2024 and is projected to exceed $61 billion by 2034, fueled by rising cloud adoption and cyber threats. - Prior to this funding round, UpGuard's last major investment was a $19 million Series B-1 round in June 2021.
