Digital identity provider ForgeRock has completed a $93.5 million Series E round of fundraising. This latest funding round was led by Riverwood Capital. Existing investors, including Accel, Meritech Capital, Foundation Capital and KKR Growth also participated.
ForgeRock has now raised more than $230 million in growth capital since its founding. Riverwood Capital co-founder and managing partner Jeff Parks will join the ForgeRock board of directors.
ForgeRock’s revenue is north of $100 million and its annual recurring revenue growth is 75 per cent, a sign of customer satisfaction and strong demand. Today more than 1,100 organisations use the ForgeRock Identity Platform.
The company plans to use the funds to invest in research and development, cloud, global sales and market awareness so it can accelerate growth and continue to enable its customers to create exceptional digital identity experiences for their workforces, consumers and things.
“The funding will allow us to grow our already-expanding presence in Australia. We will accelerate our plans to extend our cloud to Australia for data residency and compliance, further supporting local companies utilising our unique identity management solutions to power innovation and remote working,” said Fran Rosch, ForgeRock CEO.
“We will also be adding an ANZ-specific PaaS as part of our next major Cloud release later this year. Our ambition is to be the partner of choice for large enterprises in Australia that want to deliver more seamless services to customers and employees.”
The latest funding round occurs at a time when companies across all industries are looking to increase their investment in solutions that enable powerful digital experiences for both employees and customers. This reality has fueled massive growth in the $16 billion digital identity market, which is growing at a 13 per cent annual rate, according to Gartner.
“ForgeRock’s comprehensive platform is very well-positioned to capitalise on the enormous opportunity in the Identity & Access Management market,” said Jeff Parks, co-founder and managing partner of Riverwood Capital.
“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.”