UpGuard has secured $75 million in Series C funding, with the round led by Springcoast Partners. The minority investment brings together existing backers August Capital, Square Peg Capital, and Pelion Venture Partners, reinforcing continued confidence in UpGuard's direction.
The capital will support three priorities: expanding the capabilities of UpGuard's AI-powered Cyber Risk Posture Management platform, scaling go-to-market operations globally, and pursuing strategic acquisitions. BofA Securities acted as the exclusive placement agent on the transaction, with Fenwick providing legal counsel.
Cybersecurity has long struggled with fragmentation. Security teams juggle separate tools for vendor risk, attack surface monitoring, workforce security, and compliance workflows, and rarely get a single, coherent picture of their exposure. UpGuard's platform is built around solving exactly that problem.
"UpGuard has an opportunity to bridge the gap between risk and security, and this Series C round adds even more fuel to accelerate the delivery of our enterprise-grade solutions for the mid-market. This ensures that CISOs and lean security teams can stay resilient with best-in-class tools to address today's increasingly complex threat landscape," said Mike Baukes, co-founder and CEO of UpGuard.
The new funding will be directed toward expanding the CRPM platform's AI capabilities and deepening integrations across the five posture areas the platform covers: Vendor Risk for supply chain security, Breach Risk for the external attack surface, User Risk for workforce security, Trust Exchange for data sharing, and Risk Automations for GRC engineering.
Beyond product development, UpGuard plans to scale its global go-to-market teams and evaluate strategic M&A opportunities. The company already operates across 14 countries with a distributed workforce, and this investment is expected to accelerate that footprint further.
Founded in 2012 and headquartered in Hobart, Tasmania, with a US base in Mountain View, California, UpGuard has grown into a platform trusted by more than 50,000 organizations across 90-plus countries. That includes over 2,000 paying customers supported by localized teams spanning multiple regions.
The platform's scale is worth pausing on. In the last 100 days alone, UpGuard processed over 23 billion tokens to power risk assessments, threat signals, and security questionnaire completions. More than 70,000 AI risk assessments and 700,000 AI autofill questionnaires have been completed to date. The company's AI Threat Analyst has successfully triaged 90 percent of more than 483,000 breach signals, helping security teams focus their attention on the threats that actually matter.
That track record has translated into recognition. UpGuard ranked in the top 15 companies for Security in the G2 2026 Best Software Awards and in the top 100 of all global software companies. It has held the category leader position on G2 for Third-Party and Supplier Risk Management for 15 consecutive quarters, and its platform processes more than 100 billion risk signals every day.
Springcoast Partners, the round's lead investor, was established in 2023 and operates as a New York-based growth equity firm focused on software and technology companies. Managing Partner Holger Staude commented on the investment:
"UpGuard has proven its ability to execute and achieve significant scale and capital efficiency in a critical market, and they have the vision and technology to achieve even more. We are excited to partner with the UpGuard team as they expand their AI-CRPM platform capabilities and solidify their position as a leader in cyber risk posture management."
Joining Springcoast in this round are three returning investors. August Capital has backed early-stage technology companies across enterprise software and infrastructure. Square Peg Capital is an Australian-based venture firm known for supporting founders across Southeast Asia and beyond. Pelion Venture Partners focuses on early-stage technology investing with a history in software and connectivity. Their continued participation alongside a new growth equity partner reflects sustained confidence in UpGuard's trajectory.
