Cybersecurity platform UpGuard has raised an additional $US19 million ($25 million) with support from investors including IAG’s Firemark Ventures.

The latest Series B-1 round, also backed by Pelion Venture Partners, Square Peg Capital and August Capital, brings UpGuard’s total funding from investors to $US45 million ($58 million).

IAG acquired a 2% equity stake in UpGuard, which helps customers monitor third-party vendor risks, during a previous 2016 fundraising, and has offered a tool developed by the start-up to clients of the NZI intermediated business in New Zealand.

“As businesses adopt digital, we see more ways that UpGuard can play a role in making our customers’ digital world safer,” Firemark Ventures Managing Partner Scott Gunther said.

“We look forward to continuing our investment and partnership with UpGuard as we work together to explore new ways to help customers mitigate and reduce their cyber risk.”

UpGuard says sales have risen nearly 129% year-on-year since 2016, it has brought three standalone products to market and strong customer growth is expected this year.

“With third party breaches and supply chain leaks becoming a nearly daily occurrence, monitoring your vendors has become absolutely critical to anyone who manages business risk,” Co-founder and Co-CEO Mike Baukes said.