LogicGate announces it’s secured $8.75 million in growth capital from Greenspring Associates and Silicon Valley Bank. The funding will fuel LogicGate’s growth trajectory as the company revenue grew by more than 100 percent in the past year driven by significant customer demand for the Risk Cloud product.
“2020 showed just how important GRC is because of business disruption and exposure to new risks,” said LogicGate CEO Matt Kunkel. “This validates our mission, and I’m more confident in the LogicGate team and our product than ever.
“We saw some amazing milestones in 2020, like the launch of the LogicGate Power User Certification Program, the Risk Crowd User Community, and our first user conference, Agility. We’re helping more customers turn risk into a strategic advantage, and we’ll continue evangelizing this as LogicGate’s mission through 2021.”
With this latest investment from Greenspring Associates, LogicGate has reached more than $40 million in total funding. This infusion will further LogicGate’s work in its partner and customer advancements in the form of a new GRC ecosystem for customers, partners and prospects to explore all Risk Cloud offerings and create their ideal risk program and the focus on leading the market in risk quantification features. It will also fuel LogicGate’s expansion into European markets.
“While compliance is non-negotiable, having a platform for it didn’t feel like a priority. Until now,” said Hunter Somerville, at Greenspring Associates.
“Organizations are realizing that investing in a GRC platform is essential and that they’re not all archaic. Platforms like the Risk Cloud stand out because they’re flexible enough to be completely custom but also have pre-built content, frameworks and workflows. This combination of approaches to software enables enterprises to work efficiently and supercharge more processes than ever before.”
In 2020, LogicGate made enhancements to the Risk Cloud platform, adding native integrations with Okta, Slack, and Jira to their integrations suite. The company doubled its library of out-of-the-box applications, which enable LogicGate customers to implement best-practice GRC processes quickly.
These, among other user-interface upgrades and customer success initiatives, led to a 300 percent growth in monthly active users, and a 20 percent increase in average applications used per customer.
Customers aren’t the only ones taking notice of LogicGate’s strides in product development,
- In May, LogicGate was awarded “Best Compliance Technology Partner—Small Company” by Compliance Week.
- G2 recognized the LogicGate Risk Cloud for three different awards in the Summer 2020 edition of the G2 Grid.
- In August, LogicGate was recognized in the Gartner Magic Quadrant for IT Vendor Risk Management Tools.
- In October, ChicagoInno recognized LogicGate in its 2020 Inno on Fire list.
Through a year of intense growth, LogicGate has been able to maintain a superior company culture, receiving a Top Workplaces 2020 honor by The Chicago Tribune. Adding personnel to LogicGate’s team will be vital as the company expands its footprint in Europe. The company plans to add another 100 employees over the next 18 months.
This announcement follows LogicGate’s announcement of new out-of-the-box Applications for the Risk Cloud platform.