Initial investors double down on governance, risk and compliance software, increase investment to scale product, engineering and customer success
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 led by Jump Capital with heavy participation from High Alpha Capital and Greenspring Associates. 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.
About LogicGate
Headquartered in Chicago, LogicGate is an agile GRC software solution that enables organizations to automate and centralize risk and compliance programs. LogicGate’s highly configurable platform assists organizations in transforming mission-critical governance, risk, and compliance processes without the support of consultants or corporate IT by enhancing controls and increasing flexibility. Dashboard-style reporting within the platform allows risk and compliance teams to analyze and remediate issues immediately. The company has made the Global RegTech 100 list two years in a row and was recently named the #1 GRC Software on the G2 GRC Grid. For more information, visit LogicGate.com and follow LogicGate on Twitter at @LogicGate.
