How Much Did Secureframe Raise? Funding & Key Investors

Secureframe has successfully raised significant funding through multiple rounds, with the latest being a Series B on February 23, 2022. The company is backed by 25 investors, including notable names like Gradient Ventures and Ash Devata.

Continue reading to delve into the details of Secureframe's fundraising journey and the investors who support this security and compliance software provider.

What Is Secureframe?

Secureframe, founded in January 2020, is based in San Francisco, California. The company specializes in providing automated security and compliance software services.

Secureframe's platform helps businesses streamline compliance tasks, including preparing for audits and setting up security controls for various frameworks like SOC 2, ISO 27001, and HIPAA. The company also offers solutions for demonstrating security and compliance initiatives through a Trust Center.

Founded by Shrav Mehta and Nilesh Jethwa, Secureframe has grown to employ between 101-250 people, focusing on automating compliance processes to build trust with customers.

How Much Funding Has Secureframe Raised?

1. Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: March 25, 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Initial funding to develop the core platform and launch the company.
2. Seed Round
   • Amount Raised: $4.5M
   • Date: October 21, 2020
   • Lead Investors: Base10 Partners, Gradient
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and accelerate product development.
3. Series A
   • Amount Raised: $18M
   • Date: March 18, 2021
   • Lead Investors: Kleiner Perkins
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
4. Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: December 16, 2021
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support ongoing growth and product enhancements.
5. Series B
   • Amount Raised: $56M
   • Date: February 23, 2022
   • Lead Investors: Accomplice
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate the automation of security and compliance processes.

Total Amount Raised: $78.5M

Current Valuation: Not publicly disclosed

Key Investors

• Accomplice
  • Details: Accomplice is a Boston-based venture capital firm known for its early-stage investments in technology companies. Michael Viscuso, a partner at Accomplice, will join Secureframe's Board of Directors.
  • Investment Focus Areas: Technology startups, innovation.
  • Notable Investments: Carbon Black, DraftKings, AngelList.
• Kleiner Perkins
  • Details: Kleiner Perkins is a renowned venture capital firm based in Silicon Valley, focusing on high-growth sectors. They have a history of backing transformative companies.
  • Investment Focus Areas: Technology, life sciences, healthcare.
  • Notable Investments: Google, Amazon, Twitter.
• Optum Ventures
  • Details: Optum Ventures is the venture capital arm of Optum, a health services innovation company. They focus on improving healthcare through technology.
  • Investment Focus Areas: Health care technology, services.
  • Notable Investments: Buoy Health, Mindstrong Health.
• Kaiser Permanente
  • Details: Kaiser Permanente is a large American healthcare consortium with a venture capital arm that invests in innovative healthcare solutions.
  • Investment Focus Areas: Health care services, technology.
  • Notable Investments: Omada Health, Livongo.
• Gradient Ventures
  • Details: Gradient Ventures is Google's AI-focused venture fund, investing in early-stage startups that leverage artificial intelligence.
  • Investment Focus Areas: Artificial intelligence, machine learning.
  • Notable Investments: Algorithmia, Labelbox.

What's Next for Secureframe?

Secureframe stands at the cusp of significant growth opportunities, driven by the increasing demand for automated security and compliance solutions. With a 10x increase in Annual Recurring Revenue and a 7x customer growth in 2021, the company is well-positioned to expand its market presence. The addition of new certification products like HIPAA and PCI DSS compliance further broadens its appeal to high-growth companies and startups.

Future fundraising opportunities appear promising, given the strong investor interest and the company's rapid growth. Secureframe's recent $56 million Series B round, led by Accomplice, underscores the potential for additional funding rounds to support further expansion. However, the company may face challenges such as competition from other compliance automation providers and the need to keep up with evolving regulatory requirements.

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