Grip Security, a SaaS identity risk management company, has announced that it has secured $41 million in Series B funding. The funding round was led by Third Point Ventures and includes participation from YL Ventures, Intel Capital, and The Syndicate Group. This investment brings the total funding for Grip Security to $66 million.
With the ever-increasing use of SaaS in today’s IT landscape, managing identity risks has become a critical challenge for companies. Grip Security aims to address this challenge with its groundbreaking platform, the Grip SaaS Security Control Plane (SSCP). The platform offers a comprehensive approach to managing identity sprawl risks that arise from the widespread use of business-led SaaS. By leveraging identity as the primary control point, Grip Security provides an effective solution to identify, prioritize, secure, and mitigate these risks.
The current economic environment has caused many companies to reevaluate their cybersecurity budgets. However, SaaS identity risk management is still considered a critical area for investment. The adoption of SaaS continues to surge, and companies are struggling to implement effective controls to manage the identity sprawl that is created. Grip Security’s platform helps companies secure all SaaS applications and allows them to embrace SaaS adoption securely.
Lior Yaari, CEO and co-founder of Grip Security, stated, “Every company is experiencing the proliferation of SaaS apps and Grip has proven repeatedly that it has the best solution in the industry. This has propelled our growth during these challenging economic times because we are focusing on a critical problem that needs to be addressed urgently.”
Grip Security’s unique approach has garnered attention from investors. Third Point Ventures, a firm that focuses on early-stage companies in the Enterprise Technology segment, sees a tremendous need for Grip Security’s solution. “The company has important competitive contracts with some of the most demanding enterprises, and that is a compelling demonstration of why we think Grip will be a sustainable leader in this growing segment,” said Sapir Harosh, partner at Third Point Ventures.
In addition to Third Point Ventures, YL Ventures has been a longtime investor in Grip Security. They believe that Grip’s success is due to its unique capacity to meet the challenges of SaaS-Identity attack surface. Ofer Schreiber, senior partner at YL Ventures, said, “It’s been incredible to be a part of Grip’s journey since we led their seed round, and we are excited to continue supporting Grip as they become THE leader in SaaS security.”
Intel Capital, the investment arm of Intel, also recognizes the importance of Grip Security’s approach. Sunil Kurkure, managing director at Intel Capital, stated, “With Grip Security’s unique approach and emphasis on identity as the key control point, businesses are able to embrace SaaS adoption securely and feel confident that their data is protected.”
Grip Security has experienced remarkable growth since its founding in 2021. Bookings have surged by over 400% in the past year alone, indicating strong market demand and customer trust. The company has an impressive client roster that includes multiple Fortune 500 companies. To support its growth, the company has nearly tripled its workforce, positioning itself as a formidable player in the cybersecurity industry.
With the new funding, Grip Security plans to accelerate its growth trajectory. The company aims to expand investment in its go-to-market teams, research and development, and operational functions to scale the company in both Israel and the United States. The funds will also be used to expand into untapped geographic regions and solidify its position as an industry leader.
Chad Cardenas, CEO of The Syndicate Group, expressed excitement about driving growth for Grip Security through its strategic ecosystem of over 450 channel partners. He said, “We are delighted to invest and help the company accelerate and scale its channel strategy to expand its market leadership.”
Grip Security’s platform has received praise from CISOs who have already implemented it. James Fritz, CISO at NFP, said, “Grip SSCP is a cybersecurity unicorn-product with its ability to deploy in minutes and provide value from day one. With Grip, my teams do in minutes what used to take months.”
Troy Wilkinson, CISO at a Fortune 500 company in the advertising and marketing industry, also expressed the benefits of Grip’s platform. He said, “Using apps like OpenAI and other generative AI SaaS tools creates huge risks, and the Grip platform provides my team the ability to discover and secure the use of these apps.”
Overall, Grip Security’s latest funding round will allow the company to further innovate and distance itself from competitors. With its superior product and accelerating market traction, Grip Security is well-positioned to become a leader in the SaaS security industry.