Grip Security, a pioneering force in SaaS identity risk management, has announced a significant leap forward with its latest funding round.
The company revealed today that it has successfully secured $41 million in Series B funding, with Third Point Ventures spearheading the investment. This round also witnessed participation from esteemed backers including YL Ventures, Intel Capital, and The Syndicate Group. The influx of funds raises Grip Security’s total funding to an impressive $66 million, marking a pivotal milestone that is set to propel the company’s go-to-market strategy and advance product development.
As the IT landscape continues to undergo rapid transformation, the necessity for comprehensive SaaS identity risk management has emerged as a top priority for Chief Information Security Officers (CISOs). Grip Security, well-positioned to tackle this critical challenge, stands out with its innovative platform.
Since its inception in 2021, Grip Security has embarked on an extraordinary journey of growth. The past year alone witnessed a staggering surge in bookings, with figures soaring by over 400 percent. This surge underscores not only the burgeoning market demand but also the unwavering trust clients place in Grip Security’s capabilities. Notably, the company can proudly count multiple Fortune 500 companies among its impressive client roster. To cater to its soaring success, the workforce at Grip Security has nearly tripled, solidifying its reputation as a formidable player in the realm of cybersecurity.
The fresh infusion of $41 million in Series B funding catapults Grip Security into a new phase of accelerated growth. With a resolute vision of defining the SaaS identity risk management market, the company has outlined plans to channel its investment into bolstering its go-to-market teams, intensifying research and development efforts, and enhancing operational functions. These strategic moves are poised to facilitate the company’s expansion on both national and international fronts, particularly in Israel and the United States. Additionally, the funds will serve to pave the way for expansion into previously untapped geographic regions, further solidifying Grip Security’s stature as a trailblazing industry leader.
This substantial funding marks a significant chapter in Grip Security’s journey, signifying not just financial backing, but a resounding endorsement of the company’s mission and potential. As cybersecurity challenges continue to evolve, Grip Security remains at the forefront, poised to usher in a new era of SaaS identity risk management.