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Total amount raised
$181.5 Million
Latest funding date
9/1/2021
Location
ForgeRock has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The company's platform focuses on providing robust identity security solutions for digital enterprises.
What Is ForgeRock?
ForgeRock, founded in 2010, is headquartered in San Francisco, California. The company was established by a group of identity and access management experts, including Lasse Andresen, Hermann Wimmer, and Jonathan Scudder.
Specializing in identity security solutions, ForgeRock aims to provide secure and seamless digital experiences for enterprises. Their platform is designed to manage and protect user identities across various digital channels.
With a workforce of over 700 employees, ForgeRock continues to innovate and expand its offerings in the identity security space.
How Much Funding Has ForgeRock Raised?
- Initial Public Offering
- Amount Raised: USD 316,250,000 in gross proceeds from the sale of 12,650,000 shares at USD 25.00, the prospectus total with the underwriters' option exercised in full; ForgeRock's Form 10-Q reports net proceeds of USD 295.7 million before offering costs, and USD 289.3 million after
- Date: September 2021
- Lead Investors: Not applicable
- Valuation at Round: Valued at close to USD 3 billion on its first day of trading, per Reuters
- Series E Round:
- Amount Raised: $93.5 million
- Date: April 2020
- Lead Investors: Riverwood Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in R&D, cloud infrastructure, global sales, and promotion of new and existing solutions, including AI tools.
- Series D Round:
- Amount Raised: $88 million
- Date: March 2017
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Typically for scaling operations, expanding market reach, and further product development.
Total Amount Raised: $181.5 million. ForgeRock reported raising more than $230 million in growth capital by April 2020, including rounds that are not listed here. The 2021 listing is excluded.
Current Valuation: Not publicly disclosed
Key Investors
- Riverwood Capital
- Details: Riverwood Capital is a private equity firm that focuses on high-growth technology companies. They led ForgeRock's Series E funding round.
- Investment Focus Areas: Technology, software, digital media.
- Notable Investments: Globant, GoPro, Nutanix.
- Accel
- Details: Accel is a venture capital firm that invests in early and growth-stage technology companies. They have been an existing investor in ForgeRock.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Facebook, Dropbox, Slack.
- Meritech Capital
- Details: Meritech Capital specializes in late-stage venture capital investments. They are one of the existing investors in ForgeRock.
- Investment Focus Areas: Technology, software, healthcare.
- Notable Investments: Facebook, Salesforce, Snowflake.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that invests in early-stage technology companies. They have been supporting ForgeRock as an existing investor.
- Investment Focus Areas: Technology, fintech, energy.
- Notable Investments: Netflix, LendingClub, Sunrun.
- KKR Growth
- Details: KKR Growth is a global investment firm that focuses on growth equity investments. They are among the existing investors in ForgeRock.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: ByteDance, GoJek, Epic Games.
What's Next for ForgeRock?
ForgeRock stands at the cusp of significant growth opportunities, driven by the increasing demand for secure digital identity solutions. The global identity and access management market is projected to reach $22.68 billion by 2025, offering a substantial opportunity for ForgeRock to expand its AI-powered identity management tools and cloud infrastructure.
ForgeRock listed on the New York Stock Exchange in September 2021, and Thoma Bravo completed its acquisition of the company on August 23, 2023. Its last private round was the $93.5 million Series E, announced April 21, 2020.
However, challenges remain. ForgeRock was combined into Ping Identity on completion of that acquisition, and both product lines are now developed under the same owner. Maintaining its market leadership will require continuous innovation and strategic investments.
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