LogicGate is one of at least 10 Chicago companies that have raised more than $100 million this year, twice the number of nine-figure deals done in all of 2020, according to PitchBook.
The startup is capitalizing on several trends in corporate technology: Its software is sold as a service, it’s built to be used by non-coders, and it reflects an increased focus on compliance and risk management internally and externally. The company’s customers range from online lender SoFi to Zurich Insurance.
CEO Matt Kunkel says the company’s revenue grew 80 percent last year, though he declined to disclose specifics. Research firm Gartner estimates the market for risk management software will grow about 13 percent this year to nearly $5.5 billion worldwide.
LogicGate was founded five years ago by Kunkel and two other former consultants at Chicago-based Navigant, who built software to help clients manage risk and maintain regulatory compliance. It focused on building a software platform with a library of applications that companies can use for different tasks. The average customer runs five or more applications and continues to grow.
“The funding is an opportunity to put more fuel on the fire,” said Kunkel, who plans to use the capital for international expansion, strategic alliances and partnerships and product development.
The company did not disclose its valuation. LogicGate has raised $156 million in funding so far.