Thoropass has successfully raised $98 million over four funding rounds, with the latest being a Series C in November 2022. The platform offers a comprehensive compliance automation solution that integrates with business processes to help companies pass audits for various frameworks like SOC 2, ISO 27001, GDPR, HIPAA, and PCI DSS.
Keep reading to explore the intricacies of Thoropass's fundraising journey and the investors backing this innovative platform.
What Is Thoropass?
Thoropass, founded by Sam Li, Austin Ogilvie, and Eva Pittas, is based in New York City and operates remotely. The company specializes in compliance automation, offering software and expert guidance to help businesses pass audits and stay compliant with various information security and privacy frameworks.
With a team of 51-200 employees, Thoropass provides an all-in-one platform that combines audit and assessment with compliance automation. Their solutions support standards like SOC 2, ISO 27001, GDPR, HIPAA, and PCI DSS.
Thoropass aims to streamline compliance processes and accelerate audits, reducing manual work hours and simplifying compliance across multiple frameworks and products.
How Much Funding Has Thoropass Raised?
- Series C
- Amount Raised: $50,000,000
- Date: November 2022
- Lead Investors: Fin Capital
- Motivation Behind the Round: The funds will be used to support continued product development and to accelerate sales, marketing, and strategic partnerships.
- Series B
- Amount Raised: $35,000,000
- Date: November 2021
- Lead Investors: JPMorgan Growth Equity Partners
- Motivation Behind the Round: Expand their audience, develop additional automation, integrate audit experiences into the platform, and build out the team.
- Series A
- Amount Raised: $10,000,000
- Date: September 2020
- Lead Investors: Canapi Ventures
- Motivation Behind the Round: Expand Laika's team and platform capabilities, and simplify the compliance and audit process for growing businesses.
- Seed
- Amount Raised: $3,000,000
- Date: September 2019
- Lead Investors: Carlos Aguilar, Zach Weinberg, Jon Oringer, Amit Avner, Nat Turner
- Motivation Behind the Round: Initial funding to develop the platform and establish market presence.
Total Amount Raised: $98,000,000. Current Valuation: $500,000,000 (~estimated).
Key Investors
- Fin Capital
- Details: Fin Capital is a venture capital firm that led Thoropass's Series C funding round. They focus on investing in innovative technology companies.
- Investment Focus Areas: Fintech, SaaS, Enterprise Software
- Notable Investments: Not explicitly mentioned in the sources.
- JPMorgan Growth Equity Partners
- Details: A division of JPMorgan Private Capital, JPMorgan Growth Equity Partners invests in growth-stage companies. They led Thoropass's Series B funding round.
- Investment Focus Areas: Growth-stage companies
- Notable Investments: Not explicitly mentioned in the sources.
- Canapi Ventures
- Details: Canapi Ventures is a venture capital firm focused on financial technology. They have deep roots in financial services innovation.
- Investment Focus Areas: Fintech
- Notable Investments: Not explicitly mentioned in the sources.
- Bain Capital Ventures
- Details: Bain Capital Ventures is a venture capital firm that invests in early to growth-stage companies. They manage several asset classes including private equity and venture capital.
- Investment Focus Areas: Technology, Healthcare, Financial Services
- Notable Investments: Not explicitly mentioned in the sources.
- Third Prime
- Details: Third Prime is a venture capital firm that invests in early-stage companies across various sectors. They participated in multiple funding rounds for Thoropass.
- Investment Focus Areas: Early-stage companies
- Notable Investments: Not explicitly mentioned in the sources.
What's Next for Thoropass?
Thoropass stands at the cusp of significant growth, driven by the increasing demand for compliance and information security solutions. With $98 million in total funding, the company is well-positioned to expand its product offerings and market reach. The opportunities are vast, from enhancing automation and integrating audit experiences to offering new services like penetration testing and security questionnaires.
Future fundraising rounds, including a potential Series D or even an IPO, could further fuel this expansion. However, Thoropass will need to navigate challenges such as intense competition and rapidly evolving regulatory requirements. Maintaining high service quality while scaling operations will be crucial for sustained success.
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