LogicGate, a provider of risk and compliance solutions, announced a $113 million Series C funding round led by PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies. Greenspring Associates also meaningfully increased its commitment since their original investment in 2019.
“Today, the market for risk and compliance tools is experiencing significant growth and innovation, which we believe is similar to the CRM market 10-15 years ago,” said Matt Kunkel, CEO of LogicGate. “We’re thrilled to partner with PSG and continue our relationship with Greenspring as we aim to address the market demand for a holistic no-code platform equipped with the tools and agility required to meet the evolving risk management needs of modern organizations.”
According to Gartner, the integrated risk management (IRM) market is projected to experience growth of 12.6% in 2021, with the total addressable market expected to grow to $9.3 billion by 2023. In a Gartner survey of risk managers, the top three risk management priorities for their companies — a greater focus on building operational resilience, building business model resilience, and risk interdependencies and cross-functional response — all require an IRM approach.
Since its inception in 2015, LogicGate has embraced its mission to create flexible, easy-to-use enterprise technology for accurately assessing, monitoring, actioning, and rapidly pivoting GRC programs to changing maturity levels. Today, LogicGate serves hundreds of customers, including SoFi, Zurich Insurance, Memorial Hermann Health, and Cimpress, who are using the robust Risk Cloud platform in an effort to build and scale a myriad of entry-level to sophisticated risk, compliance, regulatory and security programs that go beyond asset protection to revenue creation. The company continues to grow its client roster and out-of-the-box applications, which can be found on the Risk Cloud Exchange marketplace, as well as its technology partnerships and channel sales.
“LogicGate has a leading platform that leverages their no-code solution for a broad array of customers spanning a variety of industries globally,” said Adam Marcus, LogicGate board member and Managing Director at PSG. “We are excited to work alongside the LogicGate team as they continue to expand their product footprint and deliver a comprehensive risk management solution to the marketplace.”
The new capital brings LogicGate’s total funding to date to $156 million. The funds aim to fuel all elements of LogicGate’s business, including significant product advancements — notably, a risk quantification solution set to be released later this year — and the expansion of its partner ecosystem, international presence and security posture.