Risk Ledger raises £24M for supply-chain security
Risk Ledger is replacing repeated supplier questionnaires with a shared security network designed to expose risks hidden deeper in supply chains.
Supply-chain cyber risk is difficult because an organisation can secure its own systems and still be exposed through a supplier—or through that supplier’s suppliers.
What happened
Risk Ledger raised a £24 million Series B led by Axiom Equity, with returning participation from Mercia Ventures. The round brings its total funding to approximately £33.8 million and will support US expansion, deeper UK adoption and additional AI tools for reviewing supplier information.
The company’s platform takes a network-based approach to third-party security. Each supplier completes a standardised assessment and maintains one current profile rather than answering a different questionnaire for every customer. Connected organisations can then review that profile and map dependencies across a wider supplier ecosystem.
Risk Ledger says more than 16,000 organisations are represented on its network, including customers and suppliers across government, finance, insurance and critical infrastructure. That figure is company-reported and does not indicate how many are paying customers.
Why it matters
Traditional vendor-risk tools often produce a snapshot at one moment in time. They may identify whether a direct supplier has certain controls, but they struggle to reveal concentration risk or vulnerabilities several layers down the chain.
Risk Ledger is attempting to make security information reusable and continuously updated. If enough organisations participate, the network could become more valuable as it grows because each new supplier relationship adds context for existing users.
The bigger picture
Cybersecurity is moving from protecting individual companies toward understanding interconnected systems. Recent attacks have shown how one compromised service provider can expose many customers simultaneously.
The opportunity is significant, but Risk Ledger still has to prove that shared assessments produce better security outcomes rather than simply more efficient compliance. Its US expansion will also test whether the network model can overcome different procurement standards, regulations and established competitors.