Digital identity provider ForgeRock has announced that it has completed a $93.5 million Series E round of funding.
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 inception. Riverwood Capital co-founder and managing partner Jeff Parks will join the ForgeRock board of directors.
It’s reported that ForgeRock’s revenue has surpassed $100 million and its annual recurring revenue growth is 75%, a sign of customer satisfaction and strong demand. Today more than 1,100 organisations use the ForgeRock Identity Platform.
ForgeRock will use the funding 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 company will continue to invest in ForgeRock Identity Cloud, aimed at making it easier for enterprises to scale by offering a full range of cloud deployment options.
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“To be competitive today, companies need to deepen their relationships with their customers and improve the productivity and connectivity of their workforce, said ForgeRock CEO Fran Rosch.
“Increasingly, our platform is becoming mission critical to the largest organisations 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. Completing this funding round in the current climate is a testament to the relevance of ForgeRock”
“ForgeRock’s comprehensive platform is very well-positioned to capitalize 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.”