Cybersecurity software and solutions platform Drawbridge has received a strategic growth investment from Francisco Partners.
Following the close of the deal, existing Drawbridge backer Long Ridge and Drawbridge’s leadership team will remain significant equity holders in the company.
The fresh capital will help Drawbridge expand its services and boost product development.
Founded in 2018, the CyberTech company has established an all-in-one platform that allows financial services firms to rapidly deploy, manage and optimise a holistic cybersecurity platform.
Its technology empowers teams to navigate the evolving regulatory and threat landscape, manage governance, risk and compliance (GRC) requirements, and combat sophisticated cyber threats.
The cybersecurity software and solutions platform is used by over 900 funds in the alternative investment industry.
Speaking on the investment, Drawbridge founder and CEO Jason Elmer said, “We are thrilled to announce this new investment from Francisco Partners which will allow us to accelerate our technology innovation and continuously focus on customer success.
“Drawbridge was founded to provide financial services firms with the state-of-the-art software and solutions they need to simplify and manage the complex and evolving cyber risk landscape. The industry is facing increased cyber threats and escalating due diligence demands, and this new investment will enable Drawbridge to provide an even greater level of support to our customers.”
Raymond James served as financial advisor and Faegre Drinker Biddle & Reath served as legal advisor to Drawbridge.
Last year, Francisco Partners joined the $60m Series F funding round of digital investment advisor Betterment. The investment brought the WealthTech company’s valuation to $1.3bn.
In other cybersecurity news, extended security posture management platform Cymulate closed a $70m funding round. The investment was backed by One Peak, Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital. With the capital, the company is gearing up its expansion efforts.
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