LockPath secures $6 million in Series B funding
Investment Demonstrates Confidence in LockPath’s Proven Approach to GRC, Successful Sales Strategy and Rapid Expansion
July 16, 2012 · LockPath Press Release
OVERLAND PARK, KANSAS — LockPath, a provider of innovative governance, risk and compliance (GRC) applications, today announced it has closed a $6 million series B financing round. The round was led by El Dorado Ventures and included participation from Vesbridge Partners and the Webb Investment Network (WIN). Its pioneering Keylight™ platform simplifies regulatory compliance and risk management for companies of all sizes. Since LockPath’s last round in June 2011, the company has continued its technology innovation, quadrupled revenues, and added multiple industry-leading channel, services and technology partners.
“Since our last investment in LockPath, the company has taken its position as an emerging GRC player to the next level and proven its strategic value as a GRC visionary,” said Jeff Hinck, General Partner, El Dorado Ventures. “Like many of our portfolio companies, LockPath is a key market disruptor, and its impressive growth in the last year demonstrates that the company is primed to dominate in 2012 and beyond.”
LockPath will put this latest investment toward the continued development of its ground-breaking GRC platform to offer a previously unattainable level of scalability and usability. It will also support aggressive recruiting, further growth of the company’s successful channel program through global team expansion and more robust partner development and certification programs.
“LockPath has a rare combination of success factors—a leadership team with unrivaled industry experience and the technical prowess to turn that experience into software solutions that work—and has established itself as a force to be reckoned with in the GRC space,” said Zenas Hutcheson, Senior Managing Director at Vesbridge Partners.
LockPath’s series A round in June 2011, which was also led by El Dorado Ventures, included investments from WIN, the early-stage investment vehicle of Maynard Webb, former eBay COO, and Vesbridge Partners. Its seed round in April 2010 was led by WIN and included Silicon Valley investor Ron Conway’s SV Angel fund, along with a select group of Silicon Valley technology executives with deep operational expertise across the enterprise, cloud and security industries.
“LockPath has seen tremendous growth and expansion through the collaboration with our investors, customers and partners to develop uncomplicated and powerful GRC solutions that keep pace with evolving risk and regulatory compliance demands,” said Chris Caldwell, CEO, LockPath. “This latest round is a testament to what we have accomplished since our founding, and we plan to use it to continue to revolutionize the GRC space and grow our team.”
About El Dorado Ventures
El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with more than two decades of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests in disruptive technologies and business models in emerging and high-growth markets, across a broad range of sectors including software, technology-enabled services, communications and emerging technology. El Dorado’s early-stage investments have included Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including AT&T, Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit www.eldorado.com.
About Vesbridge Partners
Vesbridge Partners thrives on helping leading-edge companies bring their software and service platforms to the enterprise market. Vesbridge Partners has a long history as part of St. Paul Venture Capital (SPVC), a well-established early-stage venture capital firm with a strong track record during the past 15 years of helping finance some of the industry’s most successful technology companies. For more information, please visit www.vesbridge.com.
About Webb Investment Network (WIN)
Maynard Webb created the Webb Investment Network in 2010 to formalize the investing he’s done during the past fifteen years. WIN’s goal is to invest in companies that aim to change the world, particularly in the fields of mobile, internet, and cloud technologies. WIN’s Affiliate Network draws not only from Maynard’s experience but also from the experience of CEOs, CTOs, and founders/entrepreneurs who comprise the Network. WIN provides portfolio companies with capital and, more importantly, on demand advice. For more information, please visit www.winfunding.com.
LockPath is a market leader in corporate governance, risk management, regulatory compliance (GRC) and information security (InfoSec) software. The company’s flexible, scalable and fully integrated suite of applications is used by organizations to automate business processes, reduce enterprise risk and demonstrate regulatory compliance to achieve audit-ready status. LockPath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. The company is headquartered in Overland Park, Kansas.
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