CHICAGO – Dec. 17, 2019 – LogicGate, an agile process automation platform enabling organizations to operationalize governance, risk, and compliance (GRC) programs, today announces $24.75 million in new funding. The round includes a combination of equity and venture debt co-led by Jump Capital and High Alpha Capital, with participation from Greenspring Associates and Silicon Valley Bank. This raise brings the total investment in the Chicago Techstars alum to $34 million.
“This funding round is a testament to the continued belief of our investors in the future of LogicGate and what we’re building,” said Matt Kunkel, LogicGate’s CEO. “Combined with Emily Heath’s addition to the board, the investment underscores the fact that the market is ready for a flexible GRC solution that helps risk, compliance and security professionals make strategic, informed choices every day.”
LogicGate will use the funds to continue empowering risk and compliance professionals to drive business value with its flexible, easy to use platform. Taking customer feedback into consideration, LogicGate will aggressively invest in initiatives to solve complex risk management challenges more holistically, including investments in content, frameworks, data partnerships and additional integrations
“The risk and compliance software market is reaching new heights,” said Emily Heath, LogicGate board member, and Chief Trust and Security Officer at DocuSign. “As risk mitigation strategies trend from reactive to proactive, organizations are looking for the right technology to support a single source of truth across all departments. LogicGate is poised to break through the market as an agile GRC platform that does just that.”
Traditionally, risk management has been siloed within departments and managed with spreadsheets and emails, leading to disparate data and an unclear picture of risk across an organization. With LogicGate’s agile approach to GRC, all risk data is housed in a central repository, providing a singular source of truth from which to visualize, customize and automate risk and compliance processes. The no-code platform gives companies the flexibility to scale risk and compliance programs when necessary.
“GRC has been stuck in the back office for too long. The next stage of GRC technology demands a flexible approach, where organizations can see real business value and impact across all departments,” said Jump Capital Managing Partner and Co-Founder, Michael McMahon. “That’s why at Jump, we’re doubling down with our investment in LogicGate. As a forward-thinking, agile GRC platform, the potential for its veteran leadership and innovative engineering teams is exponential.”
LogicGate launched in 2015, announcing a $1.9 million seed round in December 2016 and a $7.5 million Series A in July 2018. In November 2019, the company announced the addition of 170 jobs by 2021.
For more information on enterprise risk management visit www.logicgate.com.
LogicGate is a leading provider of cloud-based governance, risk, and compliance (GRC) solutions for automating enterprise risk management processes. LogicGate empowers customers to shift GRC strategies from reactive to proactive, enabling them to build risk management programs tailored to their business needs. Its proprietary Risk CloudTM platform, an end-to-end suite of risk management solutions, blends the right mix of flexibility and out-of-the-box functionality for organizations to manage their risk with confidence. Companies like SoFi, CAPCO, and Blue Cross Blue Shield of Kansas City, rely on LogicGate to accurately predict the path of risk and, when needed, rapidly pivot GRC systems and processes without the support of consultants or corporate IT. The Chicago-based company has been named a leading GRC Software Platform on the G2 GRC Grid for five consecutive quarters, and was awarded Best Security Innovation in a SaaS Product by the SaaS Awards. For more information, visit LogicGate.com and follow LogicGate on LinkedIn and Twitter at @LogicGate.
About Jump Capital
Jump Capital is a venture capital firm specializing in expansion and growth stage investments ranging from $2-$20mm. Jump invests in data-driven enterprise software companies across a breadth of industries. With offices in Chicago and New York, Jump provides advocacy and support through a platform of institutional-level resources for entrepreneurs. Learn more at www.jumpcap.com or follow on twitter @jumpcapital.
About High Alpha Capital
High Alpha is a leading venture studio focused on building next-generation enterprise cloud companies through a new model for entrepreneurship that unites company building and venture capital. The High Alpha team partners with entrepreneurs, investors and large corporations to conceive, launch and scale new software companies. For more information: highalpha.com or on Twitter at @highalpha.
BLASTmedia for LogicGate