Venture Capital: ReliaQuest Reels In Over $300M In Funding Round Led by KKR
ReliaQuest’s GreyMatter SaaS platform protects the world’s biggest brands against cyber threats.
ReliaQuest, a global leader in cybersecurity, protects enterprises from security breaches. It announced Tuesday its fundraising of over $300 million in growth financing in a round led by global investment firm KKR. Ten Eleven Ventures and ReliaQuest founder and CEO Brian Murphy also participated in the round. (PR Newswire)
Murphy started the company in 2007 in the middle of the global financial crisis. He and his wife took on credit card debt and a second home mortgage to raise a young family through the difficult times and uncertainty of running a start-up.
He bootstrapped the company for nearly a decade before raising $30 million in growth funding from FTV Capital in 2016. That investment provided a huge boost to the young company’s already strong momentum.
ReliaQuest’s GreyMatter is the first cloud-native SaaS platform that leverages artificial intelligence and automation to scan customers’ data and deliver continuous threat detection, threat hunting, and remediation.
The platform is backed by a team of highly trained cyber analysts to ensure security effectiveness and efficiency.
In a blog post Murphy said that cybersecurity was rising in importance and that the pandemic exacerbated an already complex and challenging cyber threat landscape.
“It further increased the demand for what we do,” he added.
In fact, ReliaQuest hired more than 70 people since the pandemic hit businesses in March.
Solid growth trajectory
ReliaQuest has grown its revenue by more than 450% over the past three years. It counts some of the world’s best-known brands amongst its customers.
These include Campbell’s, Abercrombie and Fitch, American Eagle Outfitters, Boston Celtics, Quest Diagnostics, and Southwest.
“With its best-in-class technology, ReliaQuest is helping companies protect their digital footprint, which is more important than ever,” said Stephen Shanley, Director at KKR. “As a ReliaQuest customer ourselves, we’ve experienced firsthand how seamless and effective their platform is, and are thrilled to have the opportunity to invest behind it.”
Use of funds
ReliaQuest will use the money to ramp up its growth including international expansion and for further developing its platform.
It also plans to add another 100 employees globally during 2020 to fuel its expansion.
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