Risk Ledger, a supply chain security startup, has raised £24 million in a Series B round led by Axiom Equity, with participation from Mercia, which first backed the business at Series A. The network-first platform helps organisations manage cyber risk across their suppliers, and is relied on by security teams in critical sectors that include financial services, insurance, critical national infrastructure, and both central and regional government.
Supply chain cyber attacks now reach far beyond IT systems, into profits, economies, and lives. The tool most organisations rely on to prevent them, third-party risk management, assesses suppliers one at a time, at a single point in time, and in isolation, while a modern supply chain is a living system of thousands of connected organisations where the risk that matters most often sits several steps away, inside a supplier's supplier. Built for how supply chains actually work, the platform asks each supplier to complete one standardised assessment and maintain it across the network in real time, replacing repeated questionnaires with a single, current profile that every connected organisation can see. As more organisations join, the picture grows sharper for everyone connected, forming the foundation of Active Supply Chain Security: a continuous and collaborative way to manage systemic risk, where organisations stop defending alone and begin to Defend as One. More than 16,000 organisations now sit on the network, and Risk Ledger's reputation has been built on the quality of its data, the strength of its product, and the trust of the security teams who use it every day.
The Series B will bring more organisations onto the network and deepen the intelligence they share. Funding will also support a new generation of AI tools, built on a depth of network data that competitors cannot match, to automate manual review work and reveal the risk signals that point solutions miss. Backing the move into the United States is the third priority, in a market where supply chain breaches and regulatory pressure are both rising quickly.
When we started Risk Ledger, third-party risk was something every company fought on its own. Collaboration was rare, and barely considered. 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.
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.
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, the 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
