UpGuard raises $105m Series C, hiring across ANZ and US
UpGuard closed a $105 million Series C led by New York private equity firm Springcoast Partners. The Hobart-founded cybersecurity company, which has US headquarters in Mountain View, California, will use the funds to expand go-to-market functions and make strategic acquisitions.
Founded in 2012, UpGuard sells cyber risk posture management software that competes with BitSight and SecurityScorecard. The platform uses AI to automate vendor risk assessments, a workflow that traditionally requires manual security reviews. In the last 100 days, the platform processed 23 billion tokens and completed 70,000 AI risk assessments.
What this means for sales teams
Series C usually means sales hiring. UpGuard CEO Mike Baukes said the funding will expand go-to-market functions, which typically translates to new AE, SDR, and AM roles across their ANZ and US offices. The company already has teams in 14 countries serving customers in 90 countries.
UpGuard targets mid-market CISOs and lean security teams, a segment that sits between SMB tools and enterprise platforms. That positioning matters for comp expectations: enterprise AE roles in cybersecurity typically carry $150k to $180k OTE in ANZ markets, with higher numbers in the US.
The company competes in a crowded vendor risk management space. BitSight (founded 2011) and Panorays (founded 2016) are well-funded competitors. For sales professionals evaluating opportunities, ask about competitive win rates, average deal size, and sales cycle length in this category.
The comp question
No public data yet on UpGuard's sales comp structure or hiring plans. Previous investors include Square Peg, August Capital, and Pelion Venture Partners. The 2021 Series B raised $25 million led by Firemark Ventures.
For ANZ-based sales roles in cybersecurity software at this funding stage, expect base salaries around $100k to $130k for AEs, with OTE in the $160k to $200k range depending on enterprise versus mid-market focus. US comp typically runs 20% to 30% higher.
Worth noting: Hobart headquarters with offices in Sydney and Mountain View means potential for remote or hybrid arrangements across ANZ markets. Ask about territory structure and quota setting for distributed teams.