Supply chain firm Risk Ledger raises £23.9m led by Axiom Equity and Mercia Ventures
This article covers Risk Ledger, a London-based supply chain startup that has raised £23.9m in a Series B growth funding round led by Axiom Equity to accelerate product development, roll out new AI capabilities and support expansion into the US market. The funding is intended to expand its UK network of more than 16,000 organisations across finance, insurance, critical national infrastructure and government, and to improve visibility and automation of supply chain cyber risk for its customers.
Risk Ledger has raised £23.9m in a growth funding round, announced as a Series B and led by Axiom Equity, to accelerate product development, roll out new AI capabilities and support expansion into the US market. The London-based supply chain company says the capital will also fund growth of its UK network, which now connects more than 16,000 organisations across finance, insurance, critical national infrastructure and government.
Why it matters
Supply chain cyber risk is moving up boardroom and regulator agendas as vulnerabilities propagate beyond direct suppliers into deeper, so-called nth-party relationships. Risk Ledger’s network model aims to replace repeated one-to-one questionnaires with shared, continuously updated supplier profiles, which could cut duplication of effort for large buyers and improve visibility across ecosystems. For sectors where subcontracting is common and regulatory scrutiny is increasing, that visibility can materially affect operational resilience and incident response.
Inside the product
Risk Ledger operates a shared assessment platform where suppliers complete a standardised profile that can be updated in real time and viewed by multiple clients. The company calls this approach Active Supply Chain Security, emphasising continuous updates and shared visibility rather than periodic snapshots.
The product roadmap tied to the new funding focuses on two areas: expanding the number of organisations on the network to enrich collective intelligence, and applying AI to automate manual review tasks and surface risk signals across supplier relationships. The firm argues this combination will help customers identify risks several steps removed from their immediate suppliers and reduce the workload on security teams that currently manage repeated assessments.
Who are the investors?
Axiom Equity led the round as the final investment from its first fund, with participation from existing investor Mercia Ventures, which had backed Risk Ledger at Series A.
Axiom positions itself as a backer of UK and Ireland B2B software businesses; in the announcement, Jonathan Organ, at Axiom Equity, said:
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
Mercia emphasised continuity from its earlier investment. In the announcement, Adam Lovell, at Mercia Ventures, said:
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, 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
If you're researching potential backers in this space:
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Founder perspective
In the announcement, Haydn Brooks, Chief Executive Officer and Co-founder of Risk Ledger, said:
When we started Risk Ledger, third-party risk was something every company managed on its own, and collaboration across supplier ecosystems within sectors was rare. 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
Brooks frames the funding as a way to scale the network effect the product relies on and to commercialise automated features that remove repetitive tasks for security teams.
The bigger picture
The deal underlines continued investor interest in businesses that address systemic cyber risk across supply chains, particularly B2B software models that grow in value as participants increase. Risk Ledger’s expansion into the US follows a familiar path for UK security startups: build a domestic base tied to regulated sectors, then pursue larger enterprise and government markets overseas. The participation of Axiom and Mercia also signals ongoing appetite among UK investors for software companies that combine network effects with regulatory relevance.
As organisations and public bodies face higher expectations to map upstream vulnerabilities, solutions that aggregate supplier data and automate review workflows are likely to remain in demand across the UK and Europe — and to attract further cross-border investment as vendors seek scale.
They've invested in Risk Ledger
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