RapidRatings plans to use the funds to enhance its financial health assessment services. Here are the top-line bullets you need to know.
RapidRatings, a supplier risk management software provider, has raised $200M in a Series C funding round that drew participation from 22C Capital and Spectrum Equity.
HOW’S THE COMPANY PERFORMING?
- New York-based RapidRatings assesses the financial health of companies, allowing its customers to manage the risk associated with third-party organizations, such as suppliers and vendors.
- RapidRatings provides its financial health services in over 140 countries.
- Its clients include Unilever, McDonald’s, The American Cancer Society, Harley Davidson, and Hess.
Source: RapidRatings
WHY DOES THE MARKET MATTER?
- The global third-party risk management market is expected to reach a value of $6.8B by 2024, growing at a CAGR of 15.9%, according to Markets and Markets.
- The market’s growth is likely to be spurred by the implementation of more stringent compliance regulations surrounding third-party risk and the rising frequency of data and security breaches.
- The need to assess the financial health of suppliers and other third parties has increased amid pandemic-induced supply chain disruption.
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