FOSSA Closes $23.2 Million Series B

SAN FRANCISCO — FOSSA, an open source management company, has closed a $23.2 million Series B funding round from Bain Capital Ventures, Canvas Ventures and Costanoa Ventures, bringing its total amount of funding to $35 million. The company also announced the launch of FOSSA Security Management and continued expansion into Europe, the Middle East and Africa.

“Since our last round of funding, we’ve been heads-down driving product innovation and enterprise customer adoption,” stated Kevin Wang, CEO and founder of FOSSA. “And our hard work is paying off. Since we first launched our commercial product two years ago, FOSSA has grown to become the most comprehensive policy engine for open source management. We’ve seen revenue accelerate significantly in the past year, enabling new investments to become a world-class software composition analysis solution with an expanded global presence. I look forward to working with our amazing VC partners and customers through our next phase of growth.”

FOSSA Security Management empowers enterprises to identify, control and remediate open source vulnerabilities without slowing down software delivery. With FOSSA, organizations can actively monitor their open source software for vulnerability and license risks and enforce the appropriate risk policies across their teams at scale for continuous risk mitigation.

With the addition of Security Management, FOSSA delivers a complete open source risk mitigation platform and an evolution of software composition analysis, where enterprise teams can assess, manage and mitigate open source vulnerability and license risk.

FOSSA has powered more than 90 million open source software scans to date. Clients include Uber, Zendesk, Twitter, Verizon, Fitbit, and UiPath.