ForgeRock raises $93.5m in Series E funding round

via FinTech Futures

Digital identity provider ForgeRock has completed a Series E funding round worth $93.5 million, led by Riverwood Capital.

The round sees the total raised by ForgeRock rise to $230 million since its founding in 2010. In closing the Series E, Riverwood Capital co-founder and managing partner Jeff Parks will join the ForgeRock board of directors.

ForgeRock will use the new capital to invest in research and development, cloud, global sales and market awareness. It will also focus on scaling up its ForgeRock Identity Cloud service.

“To be competitive today, companies need to deepen their relationships with their customers and improve the productivity and connectivity of their workforce,” says ForgeRock CEO Fran Rosch.

“As the world continues to shift to remote work and life as a result of the COVID-19 pandemic we’ve been reminded why our purpose to help people connect safely and simply matters more than ever.”

ForgeRock has completed four funding rounds since 2010, with its last occurring in September 2017. Among its existing investors are Accel, Meritech Capital, Foundation Capital and KKR Growth.

The firm announced a series of new executive appointments in March and April, including Eve Maler, former, who shifts from vice president of innovation and emerging technology to chief technology officer.

Also joining the company in the past few months were Renee Beckloff, now vice president of cloud success, and Sudhakar Peddibhotla, vice president of engineering for autonomous identity.