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Digital ID player ForgeRock raises $93.5m

Digital ID player ForgeRock raises $93.5m

Digital identity outfit ForgeRock has raised $93.5 million in a Series E funding round led by Riverwood Capital.

Existing investors Accel, Meritech Capital, Foundation Capital and KKR Growth participated in the round for ForgeRock, which reports revenue north of $100 million and annual recurring revenue growth of 75%.

More than 1100 organisations, including financial services players such as BNP Paribas Investment Partners and Wirecard, use the ForgeRock Identity Platform.

Last year, the company introduced Open Banking Accelerators for the banking and payment ecosystem to jumpstart compliance with UK and related Open Banking standards.

The new funding will be put into research and development, cloud, global sales and market awareness as the firm bids to grab a larger slice of the $16 billion digital identity market.

Fran Rosch, CEO, ForgeRock, says: "Increasingly, our platform is becoming mission critical to the largest organizations in the world, and we take our responsibility seriously to deliver on their expectations.

"This has become even more pronounced as remote work and E-commerce has surged in the wake of the Covid-19 pandemic."

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