Secureframe plans to use the funds to expand its compliance standard coverage. Here are the top-line bullets you need to know.
Secureframe, a security and compliance software provider, has raised $56M in a Series B round that drew participation from Accomplice, Gradient Ventures, and Soma Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Secureframe helps companies automate SOC 2, ISO 27001, PCI DSS, and HIPAA compliance processes.
- In 2021, its annual recurring revenue grew by 10x and its customer base by 7x.
- Stream, Dooly, Lob, Ramp, Instabase, Slab, and Doodle are included among its customer base.
- The company has 80+ employees and has built 100+ app integrations.
WHY DOES THE MARKET MATTER?
- The global eGRC (enterprise governance, risk management, and compliance) market is expected to reach a value of $60.7B by 2026, growing at a CAGR of 10.9%, according to Markets and Markets.
- Mounting regulatory pressure from governments as well as the increasing integration of AI and blockchain technologies into eGRC solutions have contributed to market growth.
- Risk management optimization has helped support businesses continuity amid the pandemic.
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