VC fundraising for GRC software companies
GRC software has been one of the more resilient corners of enterprise SaaS, supported by ongoing regulatory expansion and the operationalisation of compliance. Capital concentrates in operators with credible enterprise traction, module-attach evidence and the security posture required to sell into security-conscious buyers.
Investors are security and enterprise-software-specialist seed and growth funds, generalist software investors with built GRC coverage, and corporate venture arms attached to the major security and audit groups. Flow has direct relationships across the security specialists, enterprise-software generalists and the security and audit CVCs that fund the category.
Flow has experience running VC fundraising processes for GRC companies across security compliance automation (SOC 2, ISO, FedRAMP), enterprise GRC and risk management, third-party and vendor risk, internal audit and SOX management, and privacy and data governance. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"GRC software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
Enterprise customer count
Module attach
Multi-year contract mix
Renewal rate
Pipeline coverage
Gross margin
CAC payback
Compliance certifications
GRC software valuations in May 2026
Public GRC software comps trade at 3.1x EV/Revenue. Median revenue multiple across GRC software VC rounds was 18x in the last 12 months.
3.1x
Median EV/Revenue as of May 2026 for public GRC software companies
8.7x
Verisk Analytics is the highest valued public GRC software company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across GRC software M&A deals in the last 12 months
18x
Median EV/Revenue across GRC software VC rounds in the last 12 months
Key recent GRC software VC rounds
$700M Series B raised by Saviynt was the largest GRC software VC round completed in the last six months.
See all GRC software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Saviynt |  | Saviynt is an El Segundo, California provider of cloud-native identity governance for enterprises. Its platform secures access to AWS, Salesforce, Workday, SAP, and Hadoop with risk-adaptive authentication and SOD controls. Adopted by 400 customers including PepsiCo and GE, it automates certifications reducing privileged accounts by 70 percent. Founded in 2010, Saviynt raised 80 million dollars in 2022 funding. | Carrick Capital PartnersKKR+2 | $700M | $3.0B | Series B | |
May-26 | Elliptic |  | Elliptic is a London-headquartered provider of blockchain analytics and cryptocurrency compliance software. Its platform monitors transactions across Bitcoin, Ethereum, and 100-plus chains for illicit activity, offering wallet screening, risk scoring, and investigation tools to exchanges, banks, and regulators. Clients include Coinbase and major financial institutions worldwide. | AlbionVCBritish Business Bank Investments+5 | $120M | $670M | Series D | |
Feb-26 | Greenlite | | Greenlite is an AI platform automating financial crime compliance tasks. New York-based, it processes screening alerts, KYC reviews, and onboarding using machine learning models trained on transaction data. Greenlite integrates with core banking systems to reduce manual reviews for banks and fintechs handling high-volume checks. | Canvas PrimeGreylock+4 | $75M | - | Series B | |
Jan-26 | WitnessAI | | WitnessAI is a Tel Aviv-based provider of AI guardrails ensuring safe, productive generative AI deployment for enterprises. Its platform monitors interactions in real-time to enforce policies on privacy, security, and content generation. WitnessAI integrates with tools like ChatGPT Enterprise and Microsoft Copilot, preventing data leaks and hallucinations. Launched in 2023, the company secures deployments for banks and healthcare providers across Europe and North America, maintaining compliance with GDPR and HIPAA standards. | Artisanal VenturesBallistic Ventures+7 | $58M | - | Undisclosed stage | |
Feb-26 | Artificial Labs | | Artificial Labs is an insurance software company offering an algorithmic underwriting, data extraction, and machine learning platform for commercial insurers. The solution captures data instantly at entry points, supports algorithmic risk assessment, contract generation, and system integrations. Serving partners like Convex and Chaucer in London and global markets, Artificial Labs operates from artificial.io, drawing on engineering, insurance, and analytics expertise to enhance efficiency across insurer operations. | 6 Degrees CapitalAugmentum Fintech+4 | $45M | - | Series B | |
Feb-26 | Duna |  | Duna is a Singapore-headquartered digital identity platform that enables seamless one-click onboarding for businesses. It operates a decentralized network for verifiable credentials, supporting KYC, AML compliance, and customer verification across fintech and e-commerce sectors. Backed by investors like Tribe Capital, Duna integrates with wallets for reusable identity data shared securely via zero-knowledge proofs. Launched in 2022, the company processes millions of verifications monthly and partners with regional banks in Southeast Asia. | CapitalGClaire Hughes Johnson+7 | $35M | - | Series A | |
Mar-26 | JetStream Security | | JetStream Security is a platform for enterprise AI governance and security. The solution manages agentic AI in manufacturing by defining and approving behaviors, linking actions, and providing visibility across models, agents, copilots, tools, and processes. | Assaf RappaportCrowdStrike Falcon Fund+3 | $34M | - | Seed | |
Feb-26 | Reco | | Reco is a Tel Aviv-headquartered SaaS security provider offering an AI-powered platform for cloud application governance. Its agents detect shadow IT, assess risks in SaaS apps like Slack and Zoom, and map user behaviors via real-time interaction graphs. Reco secures enterprises by prioritizing threats based on metadata-trained models, serving financial services and tech firms with automated remediation workflows. | Angular Venturesboldstart ventures+6 | $30M | - | Series B | |
Jan-26 | Armilla AI |  | Armilla AI is a London-based governance platform for AI models emphasizing algorithmic accountability and ethical decision-making. It enables rapid testing of models and datasets within hours, alongside continuous monitoring of performance, accuracy, and bias detection to ensure transparency in enterprise AI deployments. | - | $25M | - | Undisclosed stage | |
Feb-26 | IDfy |  | IDfy is a Mumbai-headquartered identity verification platform serving Indian enterprises. The company delivers background checks, KYC authentication, and fraud detection using machine learning, facial recognition, and document verification for fintech, e-commerce, and insurance sectors. IDfy processes verifications for banks like HDFC and platforms such as Paytm. Founded in 2011, it operates nationwide with integrations for real-time risk scoring. | Analog CapitalBlume Ventures+4 | $24M | $272M | Series F | |
Jan-26 | Checkbox | | Checkbox is a Sydney-headquartered no-code platform for automating expert workflows in legal and financial services. Users build drag-and-drop applications for risk assessments, document generation, and approval processes using conditional logic. Checkbox integrates with Adobe Sign and serves firms like law practices in Australia and the United Kingdom for client intake and compliance checks. | Conductive VenturesFive V Capital+4 | $23M | $100M | Series A | |
Apr-26 | Petual | | Petual is an AI platform for audit and compliance that aids enterprises in handling SOX, operational, financial, and compliance risks. Intelligent agents provide unmatched precision, coverage, and efficiency compared to manual processes. | Andreessen HorowitzCowboy Ventures+2 | $20M | - | Seed | |
Apr-26 | spektr |  | Spektr is a compliance automation platform headquartered in Tel Aviv that streamlines KYC, AML, and risk monitoring for fintechs and banks. Launched in 2022, it uses machine learning to verify identities across 200 countries, integrating with payment gateways. Spektr serves 50 clients including neobanks, processing 10 million verifications monthly. | New Enterprise AssociatesNorthzone+2 | $20M | - | Series A | |
Feb-26 | Flinn |  | Flinn is a Tel Aviv-headquartered startup focused on AI automation for medical device compliance. Its platform streamlines post-market surveillance by automating data collection from electronic health records, adverse event reporting, and vigilances under EU MDR and FDA requirements. Medical device manufacturers reduce manual efforts by 80 percent, handling tasks like signal detection and periodic safety update reports for Class II and III devices. | Bertelsmann InvestmentsCherry Ventures+3 | $20M | - | Series A | |
Feb-26 | Complyance | | Complyance is an e-invoicing platform that automates invoice generation, validation, and submission to meet e-invoicing mandates in jurisdictions including Saudi Arabia and Malaysia. Certified by regulators such as ZATCA and LHDN, it integrates with ERP systems for bulk data imports, multi-language customizations, and storage in XML or JSON formats. The solution serves manufacturing, healthcare, retail, and public sector clients across the Middle East and Asia. | CreandumEverywhere Ventures+3 | $20M | - | Series A |
VC investors active in GRC software
Y Combinator is the most active VC investor across GRC software, having invested in 57 startups in the last three years.
See all GRC software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ComplirOximyOxus AI+2 | 57 | Pre-seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | AuditocityFacterappbeSirius+2 | 18 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | Snappy ComplianceMycroftDocumenter AI+2 | 16 | Pre-seed | |
Insight Partners | | Insight Partners is a New York-headquartered global venture capital and private equity firm specializing in software investments. The firm targets high-growth companies in enterprise software, SaaS, fintech, cybersecurity, and healthcare IT sectors. It provides capital, operational support, and talent placement to portfolio companies spanning seed through late-stage growth. Notable investments include DocuSign, Shopify, and Recorded Future. With offices across North America, Europe, Israel, and Asia, Insight Partners manages a diverse portfolio exceeding 800 companies. Founded in 1995, the firm emphasizes scaling businesses through dedicated teams for go-to-market strategies and mergers. | RecoKlirDarwin AI+2 | 11 | Series B | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | GovernataComplirMyriad AI+2 | 10 | Seed | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | ConduktKetryxCasap+2 | 10 | Series A | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | ALIGNMT AITrustibleCerby+2 | 9 | Seed | |
Felicis | | Felicis is a Menlo Park-headquartered venture capital firm managing $3.4 billion across multiple funds. The firm invests in early-stage companies in AI, machine learning, biotech, and enterprise software, with notable portfolio exits including Canva and Opendoor. Backing over 100 startups since 2007, Felicis supports teams through talent networks and operational resources, achieving top-quartile returns in enterprise and healthtech verticals. | SphereRunlayerConductorOne+2 | 9 | Series A | |
GV | | GV is a Mountain View-headquartered venture capital firm backed exclusively by Alphabet that invests in life sciences, consumer products, enterprise software, cryptocurrency, climate technologies, and frontier innovations. It deploys capital primarily in North America and Europe, supporting portfolio companies with operational expertise in design, talent acquisition, engineering, and connections to Google technologies. Notable investments include Uber, Nest Labs, Slack, GitLab, and One Medical. | ComplyanceWitnessAIResistant AI+2 | 8 | Series A | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | axiTrustZip SecurityDelve+2 | 8 | Seed |
Founders and investors we've worked with
We've supported winning builders across GRC software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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