ForgeRock Rakes in $93.5M Through Series E Funding Round

“Increasingly, our platform is becoming mission critical to the largest organizations in the world, and we take our responsibility seriously to deliver on their expectations. This has become even more pronounced as remote work and E-commerce has surged in the wake of the COVID-19 pandemic.” – Fran Rosch, CEO, ForgeRock

ForgeRock has raised $93.5 million in a Series E investment round, the company has announced. The round was led by Riverwood Capital, and featured the participation of existing investors including Accel, Foundation Capital, KKR Growth, and Meritech Capital.

ForgeRock says that with this latest round of investment, its total funding amounts to $230 million in capital.

The company says that its funding will help to further fuel research and development activities, with a focus on its ForgeRock Identity Cloud platform, which is aimed at delivering identity security solutions to enterprise customers.

“ForgeRock’s revenue is north of $100 million and its annual recurring revenue growth is 75%, a sign of customer satisfaction and strong demand,” the company asserted in a statement. “Today more than 1,100 organizations use the ForgeRock Identity Platform.”

Commenting further, ForgeRock CEO Fran Rosch suggested that the company’s platform, which offers sophisticated digital identity solutions from third parties including biometrics specialists, is being made even more important by the COVID-19 pandemic.

“Increasingly, our platform is becoming mission critical to the largest organizations in the world, and we take our responsibility seriously to deliver on their expectations,” he said. “This has become even more pronounced as remote work and E-commerce has surged in the wake of the COVID-19 pandemic.”

The new investment comes with the appointment of Riverwood Capital co-founder and managing partner Jeff Parks to ForgeRock’s board of directors.

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April 21, 2020 – by Alex Perala