PlexTrac Raises $70M Series B Funding Round to Fuel Growth in Proactive Cybersecurity Management
BOISE, Idaho, Feb. 2, 2022 /PRNewswire/ -- PlexTrac, the cybersecurity software company on a mission to empower teams to win the right cybersecurity battles, today announced that it has raised a $70 million Series B round, led by New York-based global venture capital and private equity firm Insight Partners, with participation from existing investors Madrona Venture Group, Noro-Moseley Partners and StageDotO Ventures.
With its cybersecurity platform, PlexTrac equips consultants, service providers and enterprise teams of all sizes with the solution they need to track and improve their posture across the security lifecycle. The company's Series B funding continues the momentum of rapid growth PlexTrac saw in 2021, including quadrupling headcount, completing a $10M Series A round in April and generating 3X recurring revenue growth. The new investment will be used to accelerate this trajectory by expanding market reach and increasing brand awareness, while doubling headcount and propelling the product roadmap forward.
"It has never been more crucial to be proactive in defending against increasingly disruptive threats. PlexTrac empowers teams to stay focused on the right work, eliminating waste in daily workflows, prioritizing the most critical organizational risks, and providing visibility of security progress," said Dan DeCloss, founder and CEO of PlexTrac. "We are both humbled and validated by this investment led by Insight Partners, the premier cybersecurity investment firm, that will allow PlexTrac to scale quickly to meet growing demand while maintaining the quality of the platform and the world class support our customers love."
Customers report that they see PlexTrac "as a part of our strategy to move quicker and be proactive," that the platform "has a 5x ROI in year 1" and that it gives their cybersecurity operations a "30 percent increase in efficiency." From test execution and reporting to analytics and risk prioritization to remediation and attestation, PlexTrac's end-to-end workflow automation provides a single source for gauging and evolving program maturity.
"As evidenced by their rapid growth and best-in-class customer satisfaction, it's clear that PlexTrac is filling a critical need for streamlined reporting, data aggregation and program management in cybersecurity," said Insight Partners Vice President Evan Hahn. "PlexTrac is poised to be a game changer in security workflow and management, and we are incredibly excited to partner with Dan and the entire team to fuel the next stage in the company's growth."
The Boise, Idaho based company is actively hiring for both local and remote positions across all departments. Visit www.plextrac.com/careers to learn more.
About PlexTrac, Inc.
PlexTrac, Inc. (www.plextrac.com) is a fast-growing cybersecurity software company driven by a mission to improve the security posture of organizations and security teams of all sizes. The PlexTrac solution is a software platform focused on streamlining the reporting and remediation of cybersecurity risks and aiding efficient collaboration within security teams. Supporting organizations using a purple teaming paradigm, PlexTrac serves as the central communication hub to aggregate all of the components of an organization's cybersecurity program.
About Insight Partners
Insight Partners (www.insightpartners.com) is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Madrona Venture Group
Madrona (www.madrona.com) is a venture capital firm based in Seattle, WA. With more than 25 years of investing in early stage technology companies, the firm has worked with founders from Day One to help build their company for the long run. Madrona invests predominantly in seed and Series A rounds across the information technology spectrum, and in 2018 raised the first fund dedicated to initial investments in acceleration stage (Series B and C stages) companies. Madrona manages over $2 billion and was an early investor in companies such as Amazon, Smartsheet, Isilon, Redfin, and Snowflake.
About Noro-Moseley Partners
Noro-Moseley Partners (www.noro-moseley.com) invests in early growth information technology and healthcare businesses with rapid revenue growth and scalable unit economics. Founded in 1983, NMP has built a strong network of successful entrepreneurs, strategic partners, management talent and value-added co-investors to support our portfolio companies. The firm typically seeks to be the first institutional investor in companies with annual revenue consistently between $2 million and $10 million.
About StageDotO Ventures
StageDotO Ventures (www.stagedoto.com) is an early stage investment fund that identifies pre-Series A companies with energetic entrepreneurs driven by world-changing ideas. StageDotO leverages their expertise to help entrepreneurs build successful companies by actively lending 40+ years of startup investing experience, strategic relationships, and day-to-day operations.