Onapsis, the global experts in business-critical application cybersecurity and compliance, today announced a $31 million Series C minority funding round led by new investor LLR Partners, with participation from existing institutional investors .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners.
This marks the largest single round of funding in the company’s history, bringing the total investment in Onapsis to $62 million. David Stienes, Partner at LLR Partners, will join the company’s board of directors.
The expanded investment in Onapsis will help further accelerate the company’s growth and position as the leader in protecting ERP systems and business-critical applications, such as SAP and Oracle. These applications run the Global 2000 and manage their crown jewels ranging from sensitive customer and employee information to finances, manufacturing processes and intellectual property, yet they have historically been left exposed and are a perfect economic target for attackers. The potential downtime, data breaches and fraud can result in significant negative financial and reputational impact.
“We are excited to welcome LLR Partners to the Onapsis team, augmenting the group of industry-leading investors who support our vision of securing the world’s business-critical applications,” said Mariano Nunez, CEO and Co-founder of Onapsis. “The capital investment will be dedicated to fueling growth and delivering even more value to our customers and partners.”
Onapsis will leverage the investment to further penetrate the business-critical application security market by accelerating sales, customer success and marketing efforts. Additionally, the company will further invest in product development and innovation, threat research and scaling its channel and partner programs. Already, Onapsis has amassed a portfolio of over 200 marquee Fortune 2000 companies, achieved record year-over-year growth for five consecutive years and expanded the company to over 180 employees globally.
“Onapsis is helping to solve a multi-billion-dollar security and compliance problem, which is now becoming even more widespread with complex digital transformation and ERP cloud migration projects on almost all board room agendas. We are excited to partner with the Onapsis team and leverage our experience and expertise in cybersecurity to help them execute their vision,” said David Stienes, Partner at LLR Partners.
“I invested in Onapsis five years ago because they were the first company solving a critical gap in cybersecurity by exclusively focusing on and securing mission-critical ERP systems. The bet was that companies that had made an enormous investment in their ERP systems would want higher levels of visibility and protection that were simply not available before Onapsis. It’s gratifying to see the company experience great success by delivering on their promise of securing the ERP systems of many of the largest and most demanding companies in the world. I look forward to continuing to support the Onapsis team as they take the company to new heights by delivering on their mission,” said Maria Cirino, Co-founder and Managing Partner, .406 Ventures.