Drata Lands $200M Round At $2B Market Cap
December 9, 2022
Drata secured $200 million in Series C funding co-led by ICONIQ Growth and GGV
Capital. The latest round of funding doubles Drata's valuation to $2 billion
since its Series B in November 2021, as the company progresses toward its
mission of making compliance effortless and accessible for companies of all
"The Drata team continues to set the bar higher with its innovative platform and
customer-centric approach," said Will Griffith, Founding Partner at ICONIQ
Growth. "The speed with which the company operates continues to blow us away.
We're looking forward to supporting Drata's future growth as they cement their
leadership position in the compliance and security automation industry."
Alkeon Capital also made a significant investment in this round. Additional
investors in the round include Salesforce Ventures, Cowboy Ventures, S Ventures
(SentinelOne), Silicon Valley CISO Investments (SVCI), and FOG Ventures
(Operators Guild). Strategic individuals participated in the round including
Jeff Weiner (LinkedIn), Frank Slootman (Snowflake), Jennifer Tejada (PagerDuty),
Amit Agarwal (Datadog), Olivier Pomel (Datadog), and Jonathan Rubinstein
(Amazon), joining Satya Nadella (Microsoft), who invested in Drata's $100
million Series B round.
Following its momentous Series B last year, Drata has broadened into an
industry-leading security compliance platform, expanding to more than 14
compliance frameworks, standards, and regulations such as GDPR, NIST SP 800-53,
and CCPA, among many others. Earlier this year, Drata launched its dynamic Trust
Center, enabling customers to proactively display the health of their compliance
programs, as well as its Risk Management offering to continuously monitor,
identify, assess, and treat risks. In addition to launching support for multiple
languages, Drata also deepened its integrations with more than 75 applications
and systems to provide full visibility into an organization's security posture.
Evolving into an integral part of an organization's security stack, the company
has more than 2,000 customers, including Fivetran and Lemonade, to streamline
continuous compliance and turn trust into a competitive advantage.
our inception, Drata has been designed to bridge the gap between compliance and
trust through automation, and we've made significant progress in less than two
years," said Adam Markowitz, Drata Co-Founder and CEO. "This next phase of
growth will only further accelerate those efforts, introduce a new wave of open
compliance, and help us realize our vision of being the trust layer between our
incredible customers and those they do business with."
With the global GRC market projected to reach $15 billion in the next three
years, Drata will use the funds to continue heavily investing in research and
development (R&D) as the company further builds its enterprise grade, automation
first, solution. At the same time, Drata remains committed to investing in
features for startups and auditors alike to provide streamlined paths to
compliance without sacrificing quality and integrity.
"Since leading Drata's Series A, we've been doubling down in every round. We've
seen the team commit to both remarkable speed and impeccable execution on its
way to becoming the first choice platform for fully automated GRC and trust,"
said Oren Yunger, Partner at GGV Capital.