LogicGate scores $113m in its Series C funding round

Transformative risk and compliance solution developer LogicGate has raised $113m in its Series C funding round.

Middle market-focused growth equity firm PSG served as the lead investors, with existing backer Greenspring Associates also joining the new round.

With the capital, which brings the company’s total equity raised to $156m, LogicGate hope to make significant product enhancements. Chiefly among these will be a new quantification solution, which is scheduled to be launched later this year.

Funds will also be used to expand its partner ecosystem, bolster its international presence and improve its security posture.

The integrated risk management market is expected to grow by 12.6% in 2021, according to data from Gartner. Total addressable market is also expected to grow to $9.3bn by 2023.

Founded in 2015, LogicGate’s mission is to establish a flexible and easy-to-use enterprise technology for accurately assessing, monitoring, actioning and picoting GRC programs.

LogicGate’s proactive management tools help clients automate and optimise their compliance processes through pre-built applications.

Its clients include SoFi, Zurich Insurance, Memorial Hermann Health, and Cimpress.

LogicGate CEO Matt Kunkel said, “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.

“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.”

The company previously raised $8.75m in a growth round in late 2020 from Greenspring Associates and Silicon Valley Bank. The capital was raised to support its rising demand and growth trajectory.

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