SecurityScorecard raises $180 million
Security ratings provider SecurityScorecard has completed a $180 million Series E financing round with participation by new investors including Silver Lake Waterman, funds and accounts advised by T. Rowe Price Associates, Kayne Anderson Rudnick, and Fitch Ventures, as well as existing investors Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, GV (Google Ventures), and Boldstart Ventures. This round brings SecurityScorecard’s total funding to ~$290 million.
Founded in 2013, SecurityScorecard offers a platform for security ratings that is utilized by pharmaceutical companies, payment processors, and insurance companies. The company expanded its use cases across vendor risk management, self-monitoring, board reporting, cybersecurity insurance underwriting, and M&A due diligence.
“With the increasing number of breaches, cybersecurity ratings are a must-have for organizations to make critical business decisions. The size and caliber of this financing is a testament to the confidence that our existing and new investors have in SecurityScorecard. We have seen a fundamental shift in budgets to cybersecurity ratings and have passed the tipping point where the depth of our data and network effects are driving broad market adoption.” – Dr. Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard.
The new round of funding will further accelerate SecurityScorecard’s corporate growth with planned investments across new product lines, global expansion, a broadening partner ecosystem, and additional functionality to assess and mitigate cybersecurity risk in novel ways.
“Security ratings have become a key factor for organizations in understanding cybersecurity risk and have broad application across the enterprise and strategic decision-making. The depth of the SecurityScorecard data, integrations and platform has created a solid foundation with strong network effects to drive future growth. We are excited to partner with Alex and his team and invest in SecurityScorecard to further extend their market leadership position.” – Shawn O’Neill, Managing Director at Silver Lake Waterman.
“SecurityScorecard’s business is uniquely positioned in the security ratings space with a product platform that is an indispensable tool for enterprises and insurance providers seeking to understand the security posture of their organization and third parties. We are impressed with the company’s entrepreneurial and progressive outlook on building a strong future. This latest funding round indicates our strong support for their significant and sustainable growth moving forward as they continue to win against competition with their market-leading solution.” – Richard Seewald, Managing Partner at Evolution Equity Partners.
