Summary:
Chainguard raises $356 million in Series D funding, reaching a $3.5 billion valuation.
Company focused on securing the software supply chain and managing open source software.
7X growth in annual recurring revenue to $40 million in fiscal 2025.
Operates remotely with more than 350 employees.
Funding to accelerate its mission as a trusted source for open source.
Chainguard Secures Major Investment
Chainguard, a rising star in the cybersecurity sector, has successfully raised $356 million in a Series D funding round, elevating its valuation from $1.1 billion to an impressive $3.5 billion. This round was co-led by Kleiner Perkins and existing investor IVP.
Chainguard founders, from top left, clockwise: CEO Dan Lorenc, CPO Kim Lewandowski, CTO Matt Moore, and distinguished engineer Ville Aikas. (Chainguard Photos)
Founded in 2021, Chainguard is dedicated to securing the software supply chain, a crucial aspect of modern software production. The company assists organizations in safeguarding their open source software and provides tools for managing container images, essential components of cloud-based applications. With over 150 customers including notable names like ANZ Bank, Canva, GitLab, and Hewlett Packard Enterprise, Chainguard is making waves in the industry.
Rapid Growth and Future Plans
Chainguard reported a 7X increase in annual recurring revenue, reaching $40 million in fiscal year 2025, with ambitions to surpass $100 million in ARR by fiscal year 2026. CEO Dan Lorenc emphasized the security challenges posed by open source software, stating, "Open source is everywhere, and the security problems with it present enough risk that people can’t ignore it."
Despite being headquartered in Kirkland, Washington, Chainguard operates entirely remotely, employing over 350 staff. Lorenc, alongside co-founders Ville Aikas, Matt Moore, and Kim Lewandowski, aims to redefine the standards of open source software security.
In a recent LinkedIn post, Lorenc expressed that the new funding will expedite their mission to be the trusted source for open source, acknowledging that traditional methods of managing open source software are no longer viable.
Investors and Support
The Series D round also saw participation from Salesforce Ventures and Datadog Ventures, alongside returning investors such as Sequoia, Spark, Amplify, Redpoint, Lightspeed, Mantis, and Kerrest & Co.
Comments