Vanta, a leading trust management platform designed to automate security and compliance processes for businesses, has successfully raised $150 million in a Series C funding round. This latest round was spearheaded by Sequoia Capital and saw participation from new investors Goldman Sachs and J.P. Morgan, along with existing backers Atlassian Ventures, Craft Ventures, CrowdStrike Ventures, HubSpot Ventures, Workday Ventures, and Y Combinator.
With this infusion of capital, Vanta’s valuation has soared to $2.45 billion, up from $1.6 billion following its $40 million Series B round in 2022. Earlier this year, the company reported surpassing $100 million in annual recurring revenue (ARR) for the financial year ending in January.
Initially, Vanta focused on helping businesses achieve certifications such as ISO 27001, HIPAA, and SOC 2. However, Vanta is now expanding its scope to play a broader role in the realm of trust management. Christina Cacioppo, Vanta's co-founder and CEO, emphasized that while the company started with a focus on automated compliance, it is now becoming integral to the larger conversation about trust in business operations.
The new funding will enable Vanta to accelerate its growth in several key areas. The company aims to redefine governance, risk, and compliance management, expand its footprint particularly in the UK and Australia, and deliver more AI-powered solutions to minimize manual tasks for security teams.
Cacioppo stated, “As a founder, I don’t take fundraising lightly. We raised our Series A only when we knew we could put the money to good use, after the company had achieved undeniable product-market fit and surpassed $10M in ARR. We raised our Series B in an environment where macroeconomic headwinds and rising interest rates meant that strong business fundamentals were more critical than ever. Our Series C continues this approach of fundraising in response to business demands, not other pressures.”
She further noted, “We could have raised more this round, but we chose not to because the business is so strong. In January, we shared that we crossed $100M in ARR, and we nearly doubled our customer base this year, with even faster growth outside North America.”
With this latest funding, Vanta plans to continue its upward trajectory, branching out from its startup roots. Currently, Vanta serves over 8,000 customers, with about a quarter of them located outside the U.S. The company, which has a workforce of 500 employees, is particularly focused on markets in North America, the U.K., Germany, and Australia. Since its inception in 2018, Vanta has raised a total of $354 million.
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