Enterprise risk management software company announced Protecht Group Holdings has raised $42 million in a Series A.
California growth equity firm Arrowroot Capital backed the SaaS company.
The cash injection will be used to accelerate new features in Protecht’s products, maintain and expand customer service and continued global expansion.
Based in Sydney, and founded in 1999, the business provides world-class risk management services to more than 300 clients across the Asia-Pacific Europe and North America. The business also has offices in London and Santa Monica, USA.
Co-Founder and CEO David Bergmark said that in an era of ever-increasing risk, regulatory, and compliance pressures, Protecht helps companies increase performance and achieve strategic objectives through better understanding, monitoring and management of risk.
“Protecht is thankful to the customers who have supported us over the past 20 years and all our staff who have helped make this a reality. We are excited to announce this next step in our company’s journey,” he said .
“By partnering with Arrowroot Capital – a leading investor in B2B software solutions based in California – we have found a team with a shared understanding of the importance of risk management while also providing complementary skills in supporting our growth to new markets and verticals.”
His co-founder, David Tattam, who is Protecht’s Chief Research & Content Officer, said that good risk management enables organisations to achieve and exceed their strategic objectives more consistently.
“Our mission has always been and remains to change the way the world thinks about risk and deploy innovative risk management technology to support excellence in risk management. This funding and new partnership will allow us to continue this mission with added vigour,” he said.
Arrowroot Capital Principal Matt Klein said: “Protecht has become a global leader in enterprise risk and compliance management software and is positioned well to help their customers navigate an increasingly complex risk and regulatory environment.”