Vanta, a security and compliance company, announced Wednesday it raised $110 million in Series B funding led by Craft Ventures with participation from Sequoia, Y Combinator and other existing investors. The Y Combinator alum also hit a $1.6 billion valuation with this new raise, launching itself into the tech unicorn club.
Vanta’s mission is to secure internet businesses from cyber risks and help them become SOC 2, HIPAA or ISO 27001 compliant. Customers simply connect the tools they use every day to the platform, find and fix gaps in their dashboard and then work with a trained auditor to complete an audit of their system. Essentially, Vanta is a guiding force for closing security gaps and meeting compliance requirements.
“As every football fan knows, you have to react when the game on the field changes. It’s easy to raise money in a hot market. But slowdowns have a way of refocusing attention on strong business fundamentals,” Vanta CEO Christina Cacioppo said in a statement. “That’s great news for Vanta. The metrics that investors are scrutinizing now — burn rate, capital efficiency, gross margins — are ones we’ve always excelled at.”
This funding comes approximately one year after Vanta’s $50 million Series A, the first time it raised outside funding since it graduated from Y Combinator.
In the past year, Vanta has seen a lot of growth, surpassing 3,000 customers and 250 employees. The company has also expanded its capabilities to support six compliance standards and most recently launched its newest offering Vanta Trust Report, which makes it easier for companies to demonstrate real-time security statuses.
Vanta plans to continue to grow its team and offerings. The company is currently hiring for 47 positions across departments, most of which are tied to its San Francisco headquarters.
