Total amount raised
$110 Million
Latest funding date
05/01/2024
Location
Traceable has successfully raised funds through three venture rounds, attracting investments from notable firms such as Unusual Ventures and IVP. The company has been acquired by Harness, further solidifying its position in the API security market.
Keep reading to explore the intricacies of Traceable's fundraising journey and the investors backing this innovative platform.
What Is Traceable?
Traceable is an API security company based in San Francisco, California. It operates in various industries, including Artificial Intelligence, Cyber Security, Fraud Detection, Network Security, SaaS, and Software. The company has an employee count ranging from 101 to 250.
Traceable offers intelligent application and API security solutions, emphasizing unmatched API discovery, attack detection, and threat hunting capabilities. The company serves multiple sectors such as finance, healthcare, government, high tech, and retail.
How Much Funding Has Traceable Raised?
- Series A
- Amount Raised: USD 20,000,000
- Date: July 2020
- Lead Investors: Unusual Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product development.
- Series B
- Amount Raised: USD 60,000,000
- Date: May 2022
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and support strategic acquisitions.
- Series Unknown
- Amount Raised: USD 30,000,000
- Date: May 2024
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive product innovation and scale sales, marketing, and channel partner programs globally.
Total Amount Raised: USD 110,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Unusual Ventures
- Details: Unusual Ventures is a venture capital firm that focuses on early-stage investments. The firm is known for its hands-on approach and deep operational expertise.
- Investment Focus Areas: Enterprise technology, consumer technology, SaaS.
- Notable Investments: Carta, Robinhood, Harness.
- IVP (Institutional Venture Partners)
- Details: IVP is a venture capital firm that invests in later-stage companies. The firm has a strong track record of backing high-growth technology companies.
- Investment Focus Areas: Technology, media, high-growth companies.
- Notable Investments: Twitter, Slack, Snap.
- Citi Ventures
- Details: Citi Ventures is the venture arm of Citigroup, focusing on innovative solutions that address critical challenges in the financial sector and beyond. Matt Carbonara, Managing Director, is a key representative.
- Investment Focus Areas: Financial technology, enterprise technology, consumer technology.
- Notable Investments: Betterment, Plaid, Square.
- Geodesic Capital
- Details: Geodesic Capital is a venture capital firm that invests in growth-stage technology companies, particularly those expanding into Asia. The firm aims to bridge the gap between Silicon Valley and Asia.
- Investment Focus Areas: Technology, innovation, growth-stage companies.
- Notable Investments: Airbnb, Palantir, Uber.
- Sorenson Capital
- Details: Sorenson Capital is a private equity and venture capital firm that focuses on small to middle-market buyouts and growth capital investments. The firm has a strong presence in the technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, growth-stage companies.
- Notable Investments: Health Catalyst, Pluralsight, Instructure.
What's Next for Traceable?
Traceable is poised to capitalize on the growing recognition of API security as a critical challenge for enterprises across various industries. With a 300% year-over-year growth, the company is well-positioned to secure thousands of API endpoints and over 500 billion API calls per month. This significant market opportunity is bolstered by the increasing reliance on APIs in a cloud-first, API-driven world.
Future fundraising opportunities seem promising, given the strong investor confidence from high-profile backers like Citi Ventures and IVP. The recent $30 million investment will enable Traceable to drive product innovation, enhance security research, and scale its sales, marketing, and channel partner programs globally. This strategic investment sets the stage for potential additional funding rounds to further scale operations and innovation.
However, Traceable will face challenges such as maintaining rapid growth, staying ahead of evolving security threats, and ensuring the quality and effectiveness of their solutions. The competitive landscape of API security providers also presents a challenge as the company continues to expand its market reach and innovation efforts.
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