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San Diego’s Drata Closes $200M Series C Round

SOFTWARE: Unicorn’s Valuation Balloons to $2B

Increasing global demand for security software is driving rapid growth for Drata and its compliance automation platform.

Earlier this month (Dec. 7), the San Diego-based startup announced $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 sizes.

Will Griffith
Founding Partner
ICONIQ Growth

“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 Series C include Salesforce Ventures, Cowboy Ventures, S Ventures (SentinelOne), Silicon Valley CISO Investments (SVCI), and FOG Ventures (Operators Guild).

Strategic individuals participating in the round included 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.

Drata was founded in 2020 by Adam Markowitz, Troy Markowitz and Daniel Marashlian. Prior to launching the company, the trio launched and built successful ed-tech company Portfolium, which was purchased by Salt Lake City-based Instructure in 2019 for a reported $43 million.

Since its Series B last year when the company reached unicorn status, 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.

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.

Adam Markowitz
Co-Founder and CEO
Drata

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.

“Since 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’s 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.

Oren Yunger
Partner
GGV Capital

“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.

ICONIQ Growth partners with visionary companies defining the future of their industries. Its investment platform and unique ecosystem help amplify its portfolio companies’ success from early growth stage to IPO and beyond. Its portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt and Zoom.

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Founded in 2000 with roots in Singapore and Silicon Valley, GGV manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America and Israel.

Drata

FOUNDED: 2020
CEO: Adam Markowitz
EMPLOYEES: 300
FUNDING: $200 million
BUSINESS: Software security and compliance
WEBSITE: drata.com
NOTABLE: The company’s founders built successful ed-tech company Portfolium, which was purchased by Salt Lake City-based Instructure in 2019 for a reported $43 million.

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