ForgeRock raises $88m for digital identity growth

05/09/17

Digital ID firm ForgeRock has raised $88m in its latest investment round. 

The firm has closed the Series D funding round, led by Accel with participation from new investor, KKR. Existing investors, including Meritech Capital Partners and Foundation Capital, also participated.

ForgeRock has now raised more than $140 million in growth capital since its founding. Arun Mathew, partner at Accel will join Accel partner Bruce Golden on the board of directors. Dave Welsh, Head of TMT Growth Equity at KKR, will also join the board.

Mike Ellis, CEO of ForgeRock, said: “ForgeRock is transforming the digital identity landscape by helping large organizations secure the identity of everything, build trusted, personalized relationships with their customers, and provide a seamless omnichannel experience – ultimately driving greater value and revenue. This investment speaks to significant market validation and our ambition to build a durable, category-defining company that shapes the future of identity, privacy and access management. The next 12 months will be exciting, as global regulatory frameworks for data and privacy are evolving rapidly, at the same time the IoT is reaching critical mass. ForgeRock empowers businesses to respond to and comply with these regulations and enable great digital customer experiences.”

Arun Mathew, partner at Accel, said: “As the world becomes more automated and digitized with infinite ways to interact with customers, an entirely new industry has emerged – digital identity. ForgeRock is the pioneer in digital identity and is clearly leading the pack. We’re impressed with the ForgeRock team and believe the company is the most well positioned to capitalize on the tremendous growth opportunities in digital identity and privacy management.”

Dave Welsh, Head of TMT Growth Equity at KKR, said: “Mike Ellis and the ForgeRock team have done an outstanding job in delivering a premier innovative digital identity platform to a world-class roster of brand name customers, while growing the company with a strong culture dedicated to excellence. We are delighted to partner with the ForgeRock team in addressing an enormous, expanding global market in need of digital identity solutions, and to support them in their next stage of growth.”

In a statement, the firm said the ForgeRock Identity Platform supports strategic digital identity use cases, specifically customer identity and access management (CIAM), the internet of things (IoT), and privacy and consent solutions for compliance with current and future regulations, including GDPR and Open Banking / PSD2. CIAM is a critical capability for all industries.

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