Risk Ledger raises USD $32 million to expand in US

Risk Ledger has raised USD $32 million in a Series B funding round led by Axiom Equity, with participation from existing investor Mercia Ventures.

The London-based supply chain security company will use the funding to expand its UK network, develop new artificial intelligence tools, and support its entry into the US market.

Risk Ledger focuses on cyber risk in supply chains, an area that has drawn increasing attention as attacks spread beyond direct IT suppliers into wider business networks. It argues that traditional third-party risk management tools assess suppliers too narrowly and too infrequently, making it harder for organisations to identify risks deeper in their supply chains.

Its platform uses a shared assessment model in which suppliers complete a standardised profile that can be updated across the network in real time. Clients connected to the network can view the same profile instead of sending repeated questionnaires to individual suppliers.

More than 16,000 organisations are now on the network, spanning sectors including financial services, insurance, critical national infrastructure, and central and regional government.

Growth plans

The new funding marks an important stage for Risk Ledger as it looks to grow beyond its UK base. The investment will help it bring more organisations onto the platform while building tools to automate manual review work and identify risk signals across supplier relationships.

That strategy is based on the idea that cyber risk in supply chains should be managed collectively rather than through one-to-one checks between a company and each supplier. By expanding the network, Risk Ledger aims to increase the amount of information available to participants and improve visibility of so-called nth-party dependencies, where risk sits with a supplier several steps removed from the end customer.

Risk Ledger was founded in 2018 by Haydn Brooks and Daniel Saul. The company has positioned itself around what it calls Active Supply Chain Security, centred on continuous updates and shared visibility across connected organisations.

Brooks said the latest round would help the company bring that model into a larger market. "When we started Risk Ledger, third-party risk was something every company managed on its own, and collaboration across supplier ecosystems within sectors was rare. We built the company on one conviction: organisations are stronger when they Defend-as-One, sharing intelligence and reducing risk together rather than in isolation. That conviction now connects more than 16,000 organisations. This investment lets us build that vision faster, extending collective defence to more customers, putting AI to work on the manual tasks that consume security teams, and bringing Active Supply Chain Security to the United States," said Haydn Brooks, Chief Executive Officer and Co-founder of Risk Ledger.

Investor backing

Axiom Equity led the round as it completed the final investment from its first fund. The investor focuses on business-to-business software companies in the UK and Ireland, making Risk Ledger a fit with its strategy.

Jonathan Organ outlined the rationale for backing the company. "Risk Ledger is creating a category rather than competing in an old one. The network it has built is hard to replicate and grows more valuable with every organisation that joins, which is exactly the kind of business we look to back. The team has earned real trust with serious customers, and the product reflects that discipline. We are pleased to lead this round as the final investment from our first fund, and to support Risk Ledger through its next stage of growth," said Organ.

Mercia Ventures, which first invested at Series A, also joined the round, signalling continued confidence in the company's commercial progress and product development since that earlier investment.

Adam Lovell pointed to the original investment case and the company's growth since then. "We backed Risk Ledger at Series A because we believed Haydn and the team had identified a fundamentally better way to manage supply chain cyber risk. Three years on, that conviction has only strengthened. The team, customer base, and the quality of the product all speak for themselves. We are delighted to welcome Axiom as lead investor and excited to see what the business can achieve with the capital and operational support this round provides," said Lovell.

The funding comes as companies and public sector bodies face growing pressure to understand vulnerabilities not only in their own systems but also across the suppliers and subcontractors they depend on. Risk Ledger's pitch is that a shared network model can provide a broader, more current view of those exposures than conventional questionnaire-based approaches.