Drata's valuation jumps to $1B — the company was last valued at $12M in January 2021.
Drata, a compliance-as-a-service provider, has raised $100M in a Series B round. The round drew participation from Salesforce Ventures, Cowboy Ventures, Leaders Fund, GGV Capital, Alkeon Capital Management, and ICONIQ Growth.
HOW’S THE COMPANY PERFORMING?
- California-based Drata helps companies automate their security and compliance processes. The company’s platform continuously monitors and collects data on client security controls and workflows to enable audit readiness.
- The company provides SOC 2 and ISO 27001 compliance solutions.
- The company’s clients include Notion, FullStory, Amplitude, and Abnormal Security.
- Drata has experienced revenue growth of 69% month-over-month since January 2021.
- It is supported by a team of 70 employees, and it plans to triple its headcount by the end of 2022.
Source: Drata
WHY DOES THE MARKET MATTER?
- The global eGRC (enterprise governance, risk management, and compliance) market is expected to grow at a CAGR of 10.9% and reach a value of $60.7B by 2026, according to Markets and Markets.
- The market’s growth is likely to be spurred by mounting regulatory pressure from governments and enterprise customers as well as the increasing integration of AI and blockchain technologies into eGRC solutions.
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