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“As third-party related breaches continue to increase and as enterprises are exposed to an increasing number of third-party cyber risks, we recognize there is a clear need in the market for a modern approach to third-party cyber risk management. “We are excited to partner with CyberGRX to actively support its continued growth and focus on product innovation,” said Pepper. To help steer the company’s enterprise growth strategy, Doug Pepper, General Partner, ICONIQ Capital, has joined CyberGRX’s board of directors. The additional funds will enable the company to meet increasing demand, including expanding internationally and driving innovative product development in a direction that eradicates current mundane, time-consuming procedures.

With this raise, CyberGRX will continue to disrupt industry inertia around third-party cyber risk management (TPCRM) by advancing its innovative and proven approach to reducing third-party cyber risk. To date, the company has raised a total of $100 million in equity financing. This investment precedes another year of tremendous growth for CyberGRX, which anticipates closing the year with 5x increase in recurring revenue and more than 54,000 organizations worldwide on their Exchange. Existing investors AllegisCyber, Bessemer Venture Partners, The Blackstone Group, ClearSky, GV, MassMutual Ventures, Scale Venture Partners and TenEleven Ventures also participated in the round.

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With $100 Million in Financing, CyberGRX Will Continue to Disrupt the Third-Party Cyber Risk Management MarketĭENVER–( BUSINESS WIRE)– CyberGRX, provider of the world’s first and largest global cyber risk exchange, today announced that it has raised $40 million in Series D funding led by ICONIQ Capital, who has also backed fast growth companies such as Datadog, Gitlab, Procore and Snowflake.

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