SecurityScorecard Close To Unicorn Status Based On $180M Latest Financing Round
Security rating company SecurityScorecard announced the completion of a $180 million Series E preferred stock financing round at a close to $1 billion valuation, bringing the total funding to over $290 million.
The financing round involved new investors like Silver Lake Waterman, funds and accounts advised by T. Rowe Price Associates, Inc., Kayne Anderson Rudnick, and Fitch Ventures, and existing investors Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Corp (NASDAQ: INTC) division Intel Capital, NGP Capital, AXA Venture Partners, Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) venture capital investment arm GV (Google Ventures), and Boldstart Ventures.
The company’s growth has been attributed to the rising use cases across vendor risk management, self-monitoring, board reporting, cybersecurity insurance underwriting, and M&A due diligence further accelerated by the pandemic.
The funding would fast-track the company’s rapid global expansion and growth, supporting the high demand for the security rating platform, triggered by several significant supply chain attacks and corresponding increased regulatory attention on cyber oversight of suppliers.
The company’s international recurring revenue grew over 61% year on year, and total international customers increased 89% despite the choppy business climate in Q4 FY20. SecurityScorecard also added over 450 new logos and several highly influential international alliance partners, including GM Sectec, IHS Markit Ltd (NYSE: INFO), Diligent Corporation, Exiger, and Tomorrow Street (a joint venture between Vodafone and Technoport - Luxembourg government technology incubator).
J.P. Morgan Securities LLC served as the placement agent for SecurityScorecard.
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