ForgeRock, a California-based digital identity management company, has closed an $88 million in Series D funding round, led by Accel with participation from new investor KKR. Existing investors, including Meritech Capital Partners and Foundation Capital, also participated in the round.
Arun Mathew, Partner, Accel as well as Dave Welsh, Head of TMT Growth Equity, KKR, will join the company’s board. The new funds will be used to fuel the ForgeRock’s ongoing global expansion and product innovation, specifically to broaden the company’s research and development efforts in further enhancing its Identity Platform.
“This investment speaks to significant market validation and our ambition to build a durable, category-defining company that shapes the future of identity, privacy and access management,” said Mike Ellis, CEO, ForgeRock.
“The next 12 months will be exciting, as global regulatory frameworks for data and privacy are evolving rapidly, at the same time the IoT is reaching critical mass. ForgeRock empowers businesses to respond to and comply with these regulations and enable great digital customer experiences,” Ellis added.
With the latest round, ForgeRock has now raised more than $140 million in growth capital since its founding in 2010, with Accel having led the company’s Series A in 2012. The company aims to maintain a balanced global footprint, with approximately half of sales and headcount seated in US, and half in the EMEA and APAC markets.
“As the world becomes more automated and digitized with infinite ways to interact with customers, an entirely new industry has emerged – digital identity. ForgeRock is the pioneer in digital identity and is clearly leading the pack. We’re impressed with the ForgeRock team and believe the company is the most well positioned to capitalize on the tremendous growth opportunities in digital identity and privacy management,” said Arun Mathew, Partner, Accel.
With the new backing from Accel and KKR, ForgeRock looks to dramatically increase market awareness and sales coverage worldwide.