US-headquartered security and regulatory compliance software startup Drata raised $100m in series B funding on Monday from investors including Salesforce Ventures, the corporate venture capital arm of enterprise software producer Salesforce.
The round was led by Iconiq Growth, an affiliate of multi-family office Iconiq Capital, at a valuation of $1bn. Alkeon Capital, GGV Capital, Cowboy Ventures and Leaders Fund also participated.
Drata’s software continuously monitors company activity to enable organisations to streamline their regulatory compliance activities and make sure they are continuously up to date. It plans to triple the size of its 70-person team in 2022.
The company had disclosed $3.2m in seed funding from Cowboy Ventures, Leaders Fund, SV Angel and undisclosed angel investors when it emerged from stealth in January this year, six months after it was founded.
GGV Capital subsequently led Drata’s $25m series A round in June. That deal included Okta Ventures, the strategic investment arm of identity management software provider Okta, as well as Silicon Valley CISO Investors, Cowboy Ventures and Leaders Fund.
Adam Markowitz, co-founder and chief executive of Drata, said: “This latest round of funding is still only the beginning, and with it we are confident in our ability to accelerate Drata’s growth and leadership position in the market.
“Trust is at the core of what we do, and we are deeply grateful for our trusted customers, investors and partners who are helping Drata continue to push the bar in delivering its world-class product experience. We look forward to what’s ahead as we rapidly grow our team and expand product offerings.”
