Risk Ledger raises £24m to scale supply chain security network

Risk Ledger, the London-founded supply chain security company, has closed a £24 million Series B led by Axiom Equity, a B2B SaaS-focused growth equity fund, with repeat backer Mercia Ventures also participating. The capital will deepen the platform's UK customer base, fund a new generation of AI-assisted risk tools, and finance the company's first major push into the United States market.

The raise arrives at a moment of acute pressure on corporate supply chain governance. According to figures cited by the company, four in five UK organisations suffered at least one supply chain cyber incident in the past year, and most take close to two days to map their exposure when a significant attack occurs. Risk Ledger argues that the industry's standard response, periodic, one-at-a-time supplier questionnaires, was designed for a simpler era and cannot track the layered, multi-tier supplier webs that now characterise critical infrastructure, financial services, and government procurement.

Network effects as a security moat

The company's model is structured as a shared network rather than a point-to-point assessment tool. Each supplier completes a standardised profile once and maintains it in real time; every connected organisation in the network can read the current state of that profile without issuing a fresh questionnaire. Risk Ledger reports that more than 16,000 organisations now sit on the platform, spanning financial services, insurance, critical national infrastructure, and both central and regional government. The network dynamic is significant: each new member makes the collective risk picture sharper for every existing participant, a compounding data advantage that Axiom Equity's founding partner Jonathan Organ described as "hard to replicate."

CEO and co-founder Haydn Brooks, a former Big Four cyber risk consultant and Forbes 30 Under 30 alumnus, said the company was founded on the belief that "organisations are stronger when they Defend-as-One, sharing intelligence and reducing risk together rather than in isolation." The Series B, he added, will let Risk Ledger accelerate that vision by extending the network, deploying AI on the manual review tasks that consume security teams, and bringing what it calls Active Supply Chain Security to the US.

Cross-sector and geopolitical read-across

The strategic timing of the US expansion is notable. American regulators have spent the past two years tightening third-party risk requirements across financial services (the SEC's cybersecurity disclosure rules), healthcare, and federal contracting (CMMC 2.0 for defence suppliers). That regulatory pressure is structurally expanding the addressable market for continuous, network-based compliance tools in a way that episodic questionnaire vendors cannot easily match.

For cross-sector investors, the Risk Ledger model is also a useful lens on a broader convergence trend: the industrialisation of shared-intelligence platforms across security, financial risk, and operational resilience. The same network-effect logic that underpins Risk Ledger's supply chain model is now being applied to fraud consortia in fintech, threat-intelligence sharing in defence, and clinical-data networks in biotech. Capital is beginning to recognise the pattern. Axiom's decision to make Risk Ledger the final deployment from its debut fund, with a second fund already committed, signals investor confidence that network-first security platforms can achieve category-defining scale.

The company's US entry will test whether the network-effect advantage translates across a market where incumbent vendors such as ProcessUnity, Prevalent, and OneTrust already hold enterprise relationships. But regulatory tailwinds, a differentiated data asset, and a Series B war chest provide a credible runway for the attempt. The next milestone to watch: whether Risk Ledger secures a US anchor customer in a regulated sector, financial services or federal contracting, within the next twelve months.