Cybersecurity and risk management leader UpGuard has successfully secured $75 million in a Series C funding round to fuel its next stage of growth. The minority funding round was led by New York-based growth equity firm Springcoast Partners, with participation from existing investors. This strategic investment is earmarked for accelerating product innovation, expanding global go-to-market functions, and pursuing potential strategic acquisitions in the cybersecurity space.
Fueling Strategic Expansion and Innovation
The new capital will be instrumental in enhancing UpGuard's AI-powered Cyber Risk Posture Management (CRPM) platform, a core component of its enterprise-grade solutions. The company plans to scale its global operations to better serve a growing international customer base across more than 90 countries. This expansion aims to solidify UpGuard's position as a key player in providing comprehensive risk management tools for the mid-market.
Mike Baukes, co-founder and CEO of UpGuard, emphasized the company's mission to bridge the gap between risk and security. He stated that the Series C funding provides the necessary resources to accelerate the delivery of solutions that empower lean security teams. This ensures that Chief Information Security Officers (CISOs) can maintain resilience against an increasingly complex and sophisticated threat landscape with best-in-class tools.
A Proven Leader in Cyber Risk Management
Founded in 2012, UpGuard has established a significant global footprint, now trusted by over 50,000 organizations, including more than 2,000 paying customers. The company operates with a distributed workforce across 14 countries, providing localized support and diverse expertise to its clients. This widespread adoption underscores the market's confidence in UpGuard's ability to deliver effective and scalable cybersecurity solutions.
This market trust is further validated by significant industry recognition, including being named a winner in the G2 2026 Best Software Awards. UpGuard ranked in the top 15 for Security and the top 100 among all Global Software Companies. The company has also maintained its position as the category leader on G2 for Third-Party and Supplier Risk Management for 15 consecutive quarters.
The Power of AI-Driven Automation
UpGuard's AI-powered CRPM platform is designed to unify the often-fragmented cybersecurity landscape by correlating risk across critical posture areas. These include vendor risk for the supply chain, breach risk for the external attack surface, and user risk related to workforce security. The platform also facilitates secure data sharing through its Trust Exchange and automates governance, risk, and compliance engineering.
The platform's AI capabilities operate at a massive scale, having processed over 23 billion tokens in the last 100 days alone to power risk assessments and security questionnaires. This has resulted in the completion of over 70,000 AI-driven risk assessments and 700,000 AI autofill questionnaires. This computational power translates directly into significant efficiency gains and speed for its customers' security operations.
By shifting the burden from manual review to AI-driven automated precision, UpGuard is redefining security operations for modern enterprises. Its AI Threat Analyst has successfully triaged 90 percent of over 483,000 breach signals, enabling security teams to focus their attention on high-intent threats. This automation ensures that critical risks are addressed promptly and effectively, enhancing overall security posture.
Investor Confidence and Future Outlook
Holger Staude, Managing Partner at Springcoast, expressed strong confidence in UpGuard's trajectory and market position. He highlighted the company's proven ability to execute, achieve significant scale, and maintain capital efficiency in a critical market. Springcoast is excited to partner with the UpGuard team as they continue to expand their platform's capabilities and solidify their leadership in cyber risk posture management.
The funding round also saw continued support from UpGuard's existing investors, including August Capital, Square Peg Capital, and Pelion Venture Partners. This broad backing from both new and current partners signals strong belief in the company's vision and technology. BofA Securities acted as the exclusive placement agent for the transaction, with legal counsel provided by Fenwick.
This substantial Series C investment marks a pivotal moment for UpGuard, positioning the company for accelerated innovation and market expansion. With enhanced AI capabilities and a strengthened global presence, UpGuard is well-equipped to meet the growing demand for integrated cyber risk management. The funding will enable the company to continue empowering organizations worldwide to navigate the complexities of the digital threat landscape with confidence.