RiskRecon, Third-Party Cyber Risk Management Provider, Secures $25 Million in Series B Funding, Led by Accel
Investment will accelerate adoption of RiskRecon’s industry-leading SaaS platform that dramatically improves the third-party cyber risk process
RiskRecon, the fastest-growing company transforming management of third-party cyber risk, today announced it has raised $25 million in Series B financing. Led by Accel and joined by existing investors Dell Technologies Capital, General Catalyst, and F-Prime Capital, the global venture capital firm affiliated with Fidelity Investments, the round brings RiskRecon’s total funding to more than $40 million. Existing individual investors Mickey Boodaei, Rakesh Loonkar, and Paul Sagan also participated in the round. In conjunction with the investment, Accel partner Nate Niparko will join the company’s Board of Directors. RiskRecon will use the capital to meet increasing global market demand for third-party cyber risk management solutions.
“Third-party cyber risk is the single largest unchecked attack vector that sophisticated attackers are exploiting in some of the most damaging cyberattacks in recent years,” said Kelly White, RiskRecon’s CEO and Co-founder. “Current approaches to managing third-party cyber risk with annual questionnaires and intermittent, manual processes fall short because they cannot scale as organizations outsource more and more work to third parties as the result of trends such as globalization and cloud adoption. RiskRecon’s proven, automated approach to identifying, understanding, and acting on third-party cyber risk delivers tangible value for all key stakeholders demanding closer oversight of risk within their organizations.”Back to News