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Foundation Capital, Accel Partners invest $15m in ForgeRock

9 Apr 2013

fingerprint_170sqFoundation Capital has joined existing ForgeRock investor Accel Partners to lead a $15m financing round for the identity services company.

Accel previously beat off competition from a host of competing venture firms to back a $7m Series A round for the company in March last year.

The Series B round will be used to fuel software development, grow sales and continue ForgeRock’s global expansion, the company said.

It already provides services for customers including News InternationalNokia Siemens Networks and Toyota as well as many US and European government departments.

Foundation Capital general partner Warren Weiss will join ForgeRock’s board of advisors following the investment.

He said, “As CIOs shift investment from employee to consumer-focused identity services, there is a greater need for an identity and access management (IAM) stack that can stand up to the requirements of cloud, social, mobile and extended enterprise environments, and it is clear ForgeRock is uniquely positioned to meet this need.

“I look forward to joining the ForgeRock board and working with them to continue the mission of providing easy-to-deploy and massively scalable IAM to fuel secure collaboration across the contemporary web.”

Accel partner Bruce Golden said ForgeRock had secured about 200 customers in less than three years, with its software being downloaded more than 300,000 in over 135 countries.

Foundation and Accel have previously teamed up to invest in Sunrun, one of the biggest home installation solar companies in the US.

The pair had already invested in the business when they took part in a $60m financing led by Madrone Capital Partners last May.

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