UpGuard Valuation, Funding & Investors
UpGuard is valued at $161M as of June 2021.
Last UpGuard valuation
$161M
Series B · Jun 2021
Last UpGuard funding round
$75M
Series C · Feb 2026
Cumulative funding UpGuard raised
$120M
across 5 funding rounds
Key investors in UpGuard
Square Peg Capital
August Capital
Pelion Venture Partners
Insurance Australia Group
Startmate
Valar Ventures
About UpGuard
UpGuard is a cybersecurity and risk management company founded in 2012, with offices in Hobart and Sydney in Australia and a postal address in Mountain View, California. Mike Baukes is co-founder and chief executive. Its AI-powered platform for cyber risk posture management gives a centralised view of cyber risk across an organisation's vendors, attack surface and workforce. Its products cover vendor risk, which is third-party risk management, breach risk, which monitors the attack surface, and user risk, which monitors workforce AI and shadow AI use. In August 2016 it raised a USD 17 million Series B co-led by Pelion Venture Partners and Square Peg Capital with a strategic investment from the insurer IAG, and in June 2021 it raised a Series B-1 backed by IAG Firemark Ventures, Pelion, Square Peg and August Capital.
Founded
2012
HQ
HobartWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$161M (Jun 2021)
UpGuard Valuation
UpGuard is currently valued at $161M, based on its Series B in June 2021. Read the announcement ↗
The $19M round included August Capital, Insurance Australia Group, Square Peg Capital and Pelion Venture Partners.
UpGuard valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2021 | Series B | $161M |
UpGuard Funding History
UpGuard has raised a total of $120M across 5 funding rounds.
UpGuard's first fundraising round was a seed round in January 2012. The most recent completed round was a $75M Series C in February 2026.
UpGuard funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2026 | Series C | Springcoast Capital Partners (lead); August Capital; Square Peg Capital; Pelion Venture Partners | $75M | - | UpGuard is a cybersecurity and risk management company founded in 2012, headquartered in Hobart, Tasmania, with US operations in Mountain View, California. The company provides an AI-powered Cyber Risk Posture Management (CRPM) platform that unifies vendor risk, breach risk, user risk, trust exchange, and GRC automation into a consolidated risk intelligence framework. UpGuard is trusted by 50,000 organizations across 90+ countries, including over 2,000 customers supported by a distributed workforce across 14 countries, and processes more than 100 billion risk signals daily. In February 2026, UpGuard raised $75 million in Series C funding led by Springcoast Partners, a New York-based growth equity firm established in 2023. The round included participation from existing investors August Capital, Square Peg Capital, and Pelion Venture Partners, with BofA Securities serving as exclusive placement agent and Fenwick providing legal counsel. The company intends to deploy the capital to expand its AI-powered CRPM platform capabilities, scale global go-to-market operations, and pursue strategic mergers and acquisitions. UpGuard has demonstrated significant market traction and capital efficiency, maintaining the top position on G2 for Third-Party and Supplier Risk Management for 15 consecutive quarters and ranking among the top 15 companies for Security in the G2 2026 Best Software Awards. |
| Jun 2021 | Series B | August Capital; Insurance Australia Group; Square Peg Capital; Pelion Venture Partners | $19M | $161M | UpGuard provides a comprehensive suite of products for third-party risk and attack surface management, including automated scanning, evidence analysis, insights from vendor questionnaires, real-time alerts on security posture changes for third- and fourth-party vendors, primarily serving large enterprises in financial services, technology, and healthcare across North America, Europe, and Asia-Pacific. The platform operates on a subscription-based model with tiered pricing for products like UpGuard Vendor Risk and UpGuard Breach Risk, structured around B2B relationships. In its Series B funding round on May 28, 2021 (approximating the June 2021 AUD 25 mn reference), UpGuard raised USD 19.040 million from investors including August Capital and Pelion Venture Partners, achieving a post-money valuation of USD 160.778 million. The funds were intended to accelerate product development and support global expansion into new markets. UpGuard competes in the IT security and cybersecurity space, focusing on cyber risk posture management. |
| Aug 2016 | Series B | Pelion Venture Partners (lead); Square Peg Capital (lead); August Capital; Insurance Australia Group | $17M | - | UpGuard, the cyber risk company founded in Sydney in 2012 and by 2016 operating mainly from San Francisco, closed a US$17 million Series B round announced on 11 August 2016. The round was co-led by new investor Pelion Venture Partners and existing investor Square Peg Capital, with participation from all existing investors and a strategic investment from IAG, Australia's largest general insurer. Square Peg had first backed the company with seed funding in 2012, and the Series B was the first time the firm had supported one of its startups across four separate rounds. UpGuard said it would use the capital to grow its team, with the aim of doubling headcount to about 120 employees by early 2017, and to build its software platform and expand sales and marketing. The company, originally called ScriptRock and a graduate of the Startmate accelerator, sells a cyber risk benchmark called CSTAR that scores the security posture of companies for enterprises, insurers and consumers. IAG said the score could help insurers assess and price a customer's cyber risk. UpGuard reported more than 2,000 customers worldwide at the time of the round. |
| Aug 2014 | Series A | August Capital (lead); Scott Petry; Square Peg Capital; Valar Ventures | $9M | - | UpGuard is a cybersecurity platform focused on third-party risk and attack surface management. The company raised $8.73 million in its Series A funding round on August 13, 2014, led by August Capital with participation from Vivek Mehra, Square Peg Capital, and Valar Ventures. UpGuard was founded in 2012 in Sydney, Australia, and moved to Silicon Valley after raising $1.2 million in seed capital from Valar Ventures and others in 2012. The Series A round was part of the company's early growth phase before later raising $17 million in Series B funding in August 2016, which brought participation from Pelion Venture Partners, August Capital, and Square Peg Capital, along with a strategic investment from IAG, Australia's largest general insurer. |
| Jan 2012 | Seed | Startmate | - | - | Startmate announced on 17 January 2012 that it had invested in eight Australian start-ups for its second program, chosen from 164 applications, up from 86 the year before. Each company received A$25,000 from Startmate in return for a 7.5% stake, three months of work from the Australian Technology Park in Redfern, Sydney, mentoring from the Startmate network, and a trip to Silicon Valley and New York to meet early-stage investors. The program began on 3 January 2012 and ran to the end of April, and all eight companies were incorporated in Delaware in the United States. The company was announced as ScriptRock, an automated system that tests how IT systems are configured, built by Alan Sharp-Paul, Michael Baukes and Leo Venegas, who had worked together as large-enterprise consultants for about 15 years. The founders told SmartCompany that a manual check took seven to ten hours and ScriptRock reduced it to under ten minutes, and that they intended to be working in Silicon Valley within a year. Startmate's Niki Scevak later wrote that the pair left lucrative careers and moved their families to California. ScriptRock raised a US$8.7 million Series A led by August Capital in 2014 and was later renamed UpGuard; it raised a US$75 million Series C led by Springcoast Capital and reports customers in 90 countries. Forbes Australia lists UpGuard first among Startmate's most valuable investments. |
Who has invested in UpGuard?
8 investors have backed UpGuard across its funding rounds, including Square Peg Capital, August Capital, Pelion Venture Partners, Insurance Australia Group, Startmate and Valar Ventures.
Lead investors include Springcoast Capital Partners, Pelion Venture Partners, Square Peg Capital and August Capital.
UpGuard Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Menlo Park, CA | 4 | Lead | Aug 2014 | |
| Sydney | 4 | Lead | Aug 2014 | |
| Salt Lake City, UT | 3 | Lead | Aug 2016 | |
| Sydney | 2 | Participant | Aug 2016 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Scott Petry | United States | 1 | Participant | Aug 2014 |
| New York City, NY | 1 | Lead | Feb 2026 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialUpGuard Competitors
UpGuard competitors include listed companies like Elements and Cyber Security Cloud, and private ones like Oleria, ArmorCode, Basis Theory and Riot.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Japan | Publicly listed | $25M | ($4M) | $161M | - | |
| Seattle, WA | Private | - | - | $162M | - | |
| Japan | Publicly listed | $32M | $8M | $160M | 4.2x | |
| San Francisco, CA | Private | - | - | $155M | - | |
| San Francisco, CA | Private | - | - | $153M | - | |
| San Francisco, CA | Private | $10M | - | $170M | 17.0x |
UpGuard Public Comps
UpGuard is still privately-owned, but its public comps include Elements, Cyber Security Cloud, Clavister Holding, Acer Cyber Security, Digimarc, WALLIX, Gogolook, Micro Systemation, Ivalue Infosolutions and Intercede Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $25M | ($4M) | 6.4x | - | (41.0x) | - | |||
| $32M | $8M | 4.3x | 4.2x | 17.4x | - | |||
| $23M | $3M | 7.4x | 5.1x | 56.0x | 20.5x | |||
| $74M | $43M | 1.8x | 1.7x | 3.2x | 5.1x | |||
| $34M | ($25M) | 5.0x | 6.0x | (6.9x) | - | |||
| $46M | $5M | 3.9x | 3.4x | 35.7x | 28.4x | |||
| $32M | $3M | 4.2x | 3.4x | 52.7x | 18.7x | |||
| $47M | $8M | 3.8x | 3.2x | 21.7x | 13.2x | |||
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Common questions about UpGuard
| When was UpGuard founded? | UpGuard was founded in 2012. |
| Where is UpGuard headquartered? | UpGuard is headquartered in Hobart, Australia. |
| Is UpGuard publicly listed? | No, UpGuard is a private, VC-backed company. |
| What is UpGuard's valuation? | UpGuard was last valued at $161M in its Series B in June 2021. |
| How much funding has UpGuard raised? | UpGuard has raised $120M across 5 funding rounds. |
| What was UpGuard's last funding round? | UpGuard's last funding round was a $75M Series C in February 2026, led by Springcoast Capital Partners. |
| Who are UpGuard's investors? | UpGuard's investors include August Capital, Square Peg Capital, Pelion Venture Partners, Insurance Australia Group, Scott Petry, Springcoast Capital Partners, Startmate and Valar Ventures. |
| Which companies are comparable to UpGuard? | Companies comparable to UpGuard include Elements, Oleria, Cyber Security Cloud, ArmorCode, Basis Theory and Riot. |
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