Grip Security, a Boston, MA-based startup that offers SaaS identity risk management, raised $41 million in Series B funding to accelerate growth and extend its market.
The round was led by Third Point Ventures, with participation from YL Ventures, Intel Capital, and The Syndicate Group, which brings Grip Security's total funding to $66 million.
With the newly acquired funding, the company plans 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. Additionally, the funding will enable Grip Security to extend its presence to untapped geographic regions.
The award-winning Grip SaaS Security Control Plane (SSCP) platform uniquely delivers a comprehensive approach to managing identity sprawl risks that arise from the widespread use of business-led SaaS.
“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,” said Lior Yaari, CEO and co-founder at Grip Security. “This new funding allows us to accelerate our innovation as we further distance ourselves from the competition and capture the exploding need for SaaS identity risk management.”
Company: Grip Security, Inc.
Round: Series B
Funding Month: August 2023
Lead Investors: Third Point Ventures
Additional Investors: YL Ventures, Intel Capital, and The Syndicate Group
Company Website: https://www.grip.security/
Software Category: SaaS Management Software
About the Company: Founded in 2021 by Lior Yaari, Idan Fast, and Alon Shenkler, Grip Security is a SaaS identity risk management, providing innovative solutions to help enterprises address the security risks associated with widespread SaaS adoption. The company’s SaaS Security Control Plane platform helps companies discover, prioritize, secure, and orchestrate the mitigation and remediation of risks. The innovative approach of leveraging identity as the key control point allows companies to secure all SaaS applications and empowers enterprises to embrace SaaS adoption securely.