LogicGate, a Chicago-based Governance, Risk, and Compliance (GRC) management startup, has raised $113 million in a Series C funding round to continue building automated GRC solutions.
The funding round was led by growth equity firm PSG and existing partner Greenspring Associates, which had already backed the startup in its Series B back in December 2019. The Startup has raised a total of $156 billion in funding since being founded back in 2015. Adam Marcus, LogicGate board member and Managing Director at PSG, referred to the firm’s participation by stating:
“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.”
In an official announcement, LogicGate’s CEO Matt Kunkel said the funds will be used to fuel “all elements” of the business, which include “significant” product advancements, as well as the expansion of its current partner ecosystem, international presence, and security posture.
The startup was founded with the intent of breaking down silos to facilitate the connection of systems while allowing for fast escalation to adapt to emerging risks. Kunkel referred to the startup’s approach to this mission by stating:
“We are constantly trying to improve on that original concept, using our customers as our North Star to guide us as we create empowering solutions where they can win because the work they do is so critical to the success of an organization.”
According to Gartner, one of the leading global research and advisory firms in the world, the Integrated Risk Management market is expected to grow by 12.6% in 2021, reaching $9.3 billion by 2023.
The GRC management startup aims to capitalize on this potential by focusing on providing operational resilience, business model resilience, and cross-functional response, some of the most important concerns in the industry.
