CHICAGO, July 24, 2018 /PRNewswire/ -- LogicGate, a workflow automation software platform for governance, risk, and compliance, has raised $7.5 million in a Series A round led by Jump Capital, with participation from High Alpha and existing investors.
LogicGate's Board of Directors will now include Michael McMahon, Managing Partner of Jump Capital; Mike Fitzgerald, Co-Founder and Partner of High Alpha; Matt Kunkel, CEO of LogicGate; and Jon Siegler, COO of LogicGate. Scott Dorsey, Managing Partner of High Alpha, will serve as an advisor to the company.
With this investment, LogicGate's total funding reaches $9.4 million since its launch in 2015 by co-founders Matt Kunkel, Jon Siegler, and Dan Campbell. The additional capital will be used to bolster the LogicGate team, adding 50 new positions to their Chicago office by 2019 across several functional areas: Engineering, Product, Marketing, Sales, and Customer Success.
"Our partnership with Jump Capital and High Alpha represents an important next step in LogicGate's journey," said Matt Kunkel, LogicGate's CEO. "While we are thrilled with our growth over the past 18 months and expect to continue this growth, we are most proud of the new and innovative ways our platform is empowering professionals in the risk and compliance space. We're providing our customers with transparency to reduce risk, eliminate compliance violations, and improve operational effectiveness. This capital will help us expand our team into new markets and, more importantly, allows us to continue to invest in the LogicGate platform to give professionals in the risk and compliance community a world-class solution."
LogicGate's software-as-a-service platform was built with ease of use in mind for the business process owner - enabling businesses to quickly operationalize and automate their complex and manual risk and compliance programs by using pre-built process templates for things like enterprise risk management, controls testing, and third-party risk assessments. The platform can be configured with a simple drag-and-drop interface, without a single line of code, achieving very quick implementation times and eliminating the large services costs that come with legacy GRC platforms.
"With a rapidly changing regulatory landscape, the need for GRC workflow automation will only continue to grow. We view LogicGate's highly configurable and scalable platform as perfectly positioned to solve the automation challenge for enterprises of all sizes across a broad range of governance, risk, and compliance use cases," said Jump Capital Managing Partner, Michael McMahon.
"LogicGate is bringing an innovative, subscription software solution to the legacy GRC industry, helping some of the world's largest companies become self-sufficient in how they manage and run their risk and compliance operations," said High Alpha Co-Founder and Partner, Mike Fitzgerald. "We're thrilled to be investing in Matt and the LogicGate team. They have highly relevant experience addressing these needs for large corporations and are well positioned to build a category leading software platform in the GRC market."
Headquartered in Chicago, LogicGate is a leading workflow automation software platform enabling organizations to automate and centralize risk and compliance programs. As an agile and highly configurable platform, LogicGate empowers organizations to transform mission-critical risk and compliance activities without the support of consultants or corporate IT. For more information, visit logicgate.com and follow on Twitter at @LogicGateApp.
About Jump Capital:
Jump Capital is an expansion and growth stage investment firm focused on opportunities in data-driven, enterprise software companies across a breadth of industries. With offices in Chicago and New York, Jump leverages its deep technical expertise and institutional-level operating resources to impact the success of its portfolio companies. For more information, visit http://www.jumpcap.com and follow on Twitter at @jumpcapital.