Identity Management Startup ForgeRock Raises Nearly $100M for Expansion

ForgeRock is planning an IPO in the future

Startup ForgeRock, whiches focuses on offering identity management services, has raised $93.5 million in a recent round of funding.

Identity Management Startup ForgeRock Raises Nearly $100M for Expansion
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The newest Series E funding for ForgeRock was lead by Riverwood Capital. Several existing investors also took part in the financing effort. That includes Accel, Meritech Capital, Foundation Capital and KKR Growth.

Riverwood Capital’s recent investment has gained it a seat on startup ForgeRock’s Board of Directors. Filling this position is Riverwood Capital co-founder and managing partner Jeff Parks.

ForgeRock notes that with this most recent round of funding complete, it has now raised a total of $230 in growth capital. The company points out that its revenue comes in above $100 million. It also has annual recurring revenue growth sitting at 75%.

Parks said this about startup ForgeRock.

“ForgeRock is the leader in solving a wide range of workforce and consumer identity use cases for the Global 2000 and is trusted by some of the largest companies to manage millions of user identities. We have seen the growth acceleration and are thrilled to partner with this leadership team.”

It’s worth pointing out that the recent round of funding at ForgeRock may be the last before it goes public. CEO Fran Rosch claims this is the case with an IPO planned for the future. However, the finer details of a ForgeRock IPO are still unknown.

ForgeRock currently works with more than 1,100 organizations using its identity management services. The company was founded back in 2010. At that time, it had less than 50 employees. Now, it has over 600.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/startup-forgerock-raises-nearly-100m/.

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