Hyperproof has reached an exciting milestone: we closed $40 million in growth funding

It’s been five years since I co-founded Hyperproof. Since then, it’s been a whirlwind of rapid progress toward our mission to help companies confidently manage risk and build trust through legendary software and customer experiences.

Five years ago, my co-founders and I identified a problem in the risk and compliance space: managing compliance efforts required a hodgepodge of tools centered around email and spreadsheets. It was nearly impossible to get a clear picture of risk. The process was manual, error-prone, redundant, and was extremely stressful for all participants.

We felt that automating these processes was key to giving compliance professionals time back to focus on strategy. With proper strategy, these unsung heroes could see further into the future and proactively drive their organizations to do the right things so the wrong things don’t happen.

In five years, I’ve seen Hyperproof evolve from a dozen mission-driven innovators to a growing company of over 100 employees. We opened our first office in Bellevue, Washington in 2018 with a cluster of desks and a lot of ideas. We started to bring those ideas to fruition when we signed our first customer in 2019. In 2021, our Series A round brought our total funding to $26.5M, and our employee headcount grew to 50. By 2022, we had over 100 employees across 30 states dedicated to expanding our product offerings beyond just compliance; we evolved our product to be a holistic risk and compliance management platform for companies of all sizes, including enterprises. 

2023 has been a stellar year for us — we’ve further expanded our risk management offerings, refreshed our brand, continued to grow our headcount, grown our customer base by almost 140%, and achieved some incredible revenue milestones that far surpassed expectations for a company as young as us. We’ve come so far, and it’s been a pleasure to watch. 

Now for the big news:

I’m thrilled to announce that Hyperproof has closed $40M in growth investment, led by Riverwood Capital, with participation from existing investor Toba Capital. This funding is the culmination of years of commitment and hard work, further cementing Hyperproof as the emerging leader in the risk and compliance management space. This round of funding will empower us to grow alongside our customers and continue offering them innovative new capabilities to meet their evolving enterprise needs.

What’s next for Hyperproof

As Hyperproof has grown, our customer list has evolved to include industry-leading companies like Outreach Motorola, Nutanix, Applovin, and Veeva Systems. Beyond supporting high-growth mid-market organizations, Hyperproof has become a perfect choice for large enterprise organizations due to our flexibility, workflow optimization tools, and risk-forward approach. 

Hyperproof plans to leverage this new round of funding to expand our enterprise-grade offerings and develop bold new technologies and approaches to automate tedious, manual, repetitive processes and scale risk and compliance workflows for enterprises.

It’s been an honor to serve the risk and compliance space for the last five years, and this is only the beginning of our journey. I want to thank the entire team for their hard work and dedication to building the world’s fastest, simplest, and most effective application for risk mitigation and compliance management for organizations. 

If you’re excited about this news, dedicated to engineering trust for industry-leading organizations, check out our open positions!