Thoropass Raises $50M Series C Funding!

We’re thrilled to announce Laika’s (now Thoropass) $50 million Series C funding led by Fin Capital. The Series C round also includes participation from Centana Growth and existing investors J.P. Morgan Growth Equity Partners, Canapi, and ThirdPrime. 

Thoropass (formerly Laika) is the most comprehensive solution of its kind and this funding will support Thoropass’s continued innovation! You can read more in the official press release.

A reflection 

There can be complexity in the messy problem-solving process, especially when it comes to compliance. Three years ago, Sam Li, Eva Pittas, and I started Laika (now Thoropass) to hone in on unifying software and services to simplify and automate SOC 2, ISO 27001, GDPR, HIPAA, and other information security compliances. Today, we reached an exciting milestone in our history, and we couldn’t be more proud of this.

In the last year alone, Thoropass grew its active user base by more than 1000%. Additionally, we have scaled the size of the team by 50%. With this exponential growth, our trained team of experts has been able to help more customers achieve their compliance goals faster than ever without compromising on quality. Thoropass customers complete SOC 2 audits 60% faster than traditional audits, getting their reports in mere weeks. 

This new round of funding means we can accelerate this growth and help more customers reach critical compliance milestones quickly and effectively— so compliance is never a barrier to their innovation.

This funding will strengthen Thoropass’s competitive edge  

Thoropass is the only solution on the market that seamlessly combines advanced compliance automation with expert guidance. Thoropass prides itself on making compliance more accessible and affordable while avoiding cut corners. Its unique “AAA” (automated, auditor-approved) compliance integrations and monitors enable automated evidence gathering. 

With this funding, Thoropass has an edge to dial up our partnerships and platform strategy, grow the sales organization, and invest in marketing to broaden our audience reach. In turn, we can help more customers reach compliance objectives and build trust with their customers and partners.

The growing value of trust

In a climate with increased cybersecurity risks, trust is everything. Building trust is essential for growth and customer retention and is also a key consideration when looking to secure partnerships and funding. 

Reprise is a demo creation platform for go-to-market teams that worked with Thoropass to successfully complete their SOC 2 Type 1 and SOC 2 Type 2 audit. They are now the only vendor in their space with SOC 2 Type 2, giving them a huge competitive edge. 

“We’ve built a great market in the startup and mid-market space, and now we’re expanding into the enterprise—and that is enabled by SOC 2 Type 2,” explains Reprise Co-Founder Evan Powell. “Frankly, there are a number of engagements that we get into with Fortune 100 companies where, as soon as they find out that we have a Type 2 and nobody else does, we’re the only vendor they’re looking at.”

When it comes to compliance, companies need to approach it the right way and avoid cutting corners; however, ‘the right way’ can often be the more complicated and difficult one. Thoropass strives to make it as easy as possible for customers to do the right thing when it comes to compliance, and we will continue to work hard to innovate in this space. 

Thank yous

This isn’t my first startup. As a two-time founder, I have learned some seriously invaluable lessons. One of the most important lessons is that you can’t do it alone. It truly takes a village. I want to extend a huge thank you to some of the folks that have gotten Laika (now Thoropass) to this point (and will inevitably ride the rocket ship as we launch into our next phase of innovation.)

First off, a massive shout out to my two co-founders, Sam and Eva. You are truly forces of nature. I am deeply grateful for the opportunity to partner-up with two incredible operators who share the same mission–to change the compliance landscape for the better and ensure compliance is never a blocker to innovation. Our unique backgrounds and experiences have been a tremendous superpower so far and will, no doubt, take us to even greater heights in the next phase. 

Next, thank you to the team. Thank you for joining us on the journey to reshape security and privacy compliance for the entire technology ecosystem. We all share a common belief that digital compliance is a net-positive on our industry. Thoughtfully implemented and well-designed security and privacy controls are powerful features of any product, not an annoying hurdle. Like any other user pain, compliance challenges deserve elegant tools with delightful experiences.

This shared recognition is evident every day in your tireless effort to help customers navigate compliance journeys with delightful, personalized experiences. To our Product, Engineering, Marketing, Sales, Customer Success, and People team—THANK YOU. Thoropass wouldn’t be Thoropass without you. 

And last but certainly not least, thank you to our amazing customers and investors. Thank you for trusting us and establishing us as a leader in compliance automation and integrated auditing. And thank you for sharing our core belief that it’s imperative to do the right thing when it comes to compliance. We look forward to growing with you and continuing to be committed to your long-term success.

Curious to know how we did it?

Securing funding is never an easy task, especially in times of economic uncertainty.  So, how did Thoropass manage to raise their Series C?

Check out the on-demand webinar featuring co-founders, Sam Li and Austin Ogilvie, here.

Note this webinar was recorded in November 2022 when we were still called Laika and had a different organizational structure so titles may have changed since.

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