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
$121M
across 5 funding rounds
Key investors in UpGuard
Square Peg Capital
August Capital
Pelion Venture Partners
IAG Firemark Ventures
Valar Ventures
IAG Capital Partners
About UpGuard
UpGuard is an Australian cybersecurity firm with Silicon Valley and Portland, Oregon offices. Its technology assesses IT infrastructure internally and externally to compute CSTAR risk scores predicting breaches and outages. Clients including ADP, E*TRADE, and Cisco Systems rely on it for validation, continuous monitoring, and insurance procurement.
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.
The $19M round included IAG Firemark Ventures, IAG Capital Partners, August Capital, 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 $121M across 5 funding rounds.
UpGuard's first fundraising round was a $9M Series A in August 2014. 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 | IAG Firemark Ventures; IAG Capital Partners; August Capital; 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; Cicada Innovations; Fenwick & West | $17M | - | - |
| Jun 2016 | Seed | IAG Firemark Ventures | $2M | - | - |
| 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. |
Who has invested in UpGuard?
11 investors have backed UpGuard across its funding rounds, including Square Peg Capital, August Capital, Pelion Venture Partners, IAG Firemark Ventures, Valar Ventures and IAG Capital Partners.
Lead investors include Springcoast Capital Partners, Pelion Venture Partners, Square Peg Capital and August Capital.
UpGuard Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 4 | Lead | Aug 2014 | |
| Sydney | 4 | Lead | Aug 2014 | |
| Salt Lake City, UT | 3 | Lead | Aug 2016 | |
| Sydney | 2 | Participant | Jun 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 |
| Charleston, SC | 1 | Participant | Jun 2021 | |
| Sydney | 1 | Participant | Aug 2016 | |
| Sydney | 1 | Participant | Aug 2016 | |
| New York City, NY | 1 | Lead | Feb 2026 | |
This data is available for Pro users. Sign up to see all 11 UpGuard investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialUpGuard Competitors
UpGuard competitors include listed companies like Elements and Gogolook, and private ones like Oleria, Socure, ArmorCode and Basis Theory.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Seattle, WA | Private | - | - | $162M | - | |
| Lake Tahoe, NV | Private | $315M | - | $156M | - | |
| San Francisco, CA | Private | - | - | $155M | - | |
| San Francisco, CA | Private | - | - | $153M | - | |
 Japan | Publicly listed | $25M | ($4M) | $149M | - | |
 Taiwan | Publicly listed | $33M | $3M | $143M | 3.6x |
UpGuard Public Comps
UpGuard is still privately-owned, but its public comps include Clavister Holding, Acer Cyber Security, Elements, Micro Systemation, Gogolook, WALLIX, SSH Communications Security, Ivalue Infosolutions, Cyber Security Cloud and Enea.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $23M | $3M | 7.5x | 5.4x | 57.0x | 22.6x | |||
| $76M | $45M | 1.7x | 1.5x | 2.9x | 4.9x | |||
| $25M | ($4M) | 5.9x | - | (37.2x) | - | |||
| $47M | $8M | 3.6x | 3.1x | 20.3x | 14.8x | |||
| $33M | $3M | 4.3x | 3.6x | 53.5x | 22.5x | |||
| $47M | $5M | 3.8x | 3.3x | 34.7x | 43.2x | |||
| $25M | $832K | 5.4x | 5.1x | 162.9x | 117.0x | |||
| $110M | $15M | 1.0x | 0.9x | 7.4x | 6.9x | |||
This data is available for Pro users. Sign up to see all UpGuard competitors and their valuation data. Start Free Trial | ||||||||
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 $121M 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, IAG Firemark Ventures, Scott Petry, IAG Capital Partners, Insurance Australia Group, Cicada Innovations, Springcoast Capital Partners, Valar Ventures and 1 other. |
| Which companies are comparable to UpGuard? | Companies comparable to UpGuard include Oleria, Socure, ArmorCode, Basis Theory, Elements and Gogolook. |
See companies similar to UpGuard
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.