US compliance platform Hyperproof gets extra $40m in funding

SaaS risk and compliance management company Hyperproof has raised an extra US$40m in funding, almost two years after its Series A raise

Hyperproof, a SaaS risk and compliance management startup led by a former GM at Microsoft, has closed US$40m in funding led by Riverwood Capital, with participation from existing investor Toba Capital.

It follows what Founder and CEO Craig Ungar calls a “stellar year”, having continued to grow headcount and increase the size of its customer base by almost 140%. It already works with companies like Outreach Motorola, Nutanix, Applovin, and Veeva Systems.

Hyperproof plans to leverage this new round of funding to expand its enterprise-grade offerings and develop new technologies and approaches to automate tedious, manual and repetitive business processes – one of the reasons why the Seattle-based company was founded in the first place.

Ungar, who spent over two decades at Microsoft, claims that, before Hyperproof, “managing compliance efforts required a hodgepodge of tools centred around email and spreadsheets”. These manual, highly error-prone processes made the compliance journey more difficult.

‘Honour’ to build Hyperproof to what it is today

The latest cash injection comes less than two years after Hyperproof’s US$26.5m Series A round, which it announced in October 2021. Since then, the company has grown beyond the 100-employee milestone and is looking ahead to future growth with this newest fundraise.

“It’s been five years since I co-founded Hyperproof. Since then, it’s been a whirlwind of rapid progress toward our mission to help companies confidently manage risk and build trust through legendary software and customer experiences,” says Ungar.

“Hyperproof plans to leverage this new round of funding to expand our enterprise-grade offerings and develop bold new technologies and approaches to automate tedious, manual, repetitive processes and scale risk and compliance workflows for enterprises.

“It’s been an honour to serve the risk and compliance space for the last five years, and this is only the beginning of our journey. I want to thank the entire team for their hard work and dedication to building the world’s fastest, simplest, and most effective application for risk mitigation and compliance management for organisations.”

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