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Chainguard announced a $61 million Series B on November 1, 2023, led by Spark Capital. The company said the round brought its total fundraising to $116 million. It is not the latest financing reported in the sources available as of October 4, 2026: in April 2025, Chainguard’s co-founder and CEO announced a $356 million Series D at a stated $3.5 billion valuation.
Who invested in Chainguard’s Series B?
Spark Capital led the $61 million round. Chainguard’s November 2023 announcement named Sequoia Capital, Amplify Partners, The Chainsmokers’ Mantis VC, and Banana Capital as participants. The announcement was issued by Chainguard and distributed through PR Newswire.
Chainguard said the Series B brought its cumulative fundraising to $116 million. That total is the company’s reported figure at the time of the announcement, not a current cumulative total.
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Chainguard builds hardened software artifacts intended to reduce security risks in the software supply chain. In its current company description, the product scope extends beyond container images to virtual machines (VMs), libraries, packages, agent skills, and actions. The company describes this broader approach on its website.
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What the 2023 round was tied to
The Series B announcement focused on Chainguard Images, its secure container-image offering. Chainguard said Images had passed one million builds and described an API for tracking vulnerability-status changes between image versions, as well as software bills of materials (SBOMs) and software signatures. These were company-reported figures and capabilities in 2023, not independently audited adoption metrics.
The announcement also said annual recurring revenue (ARR) had tripled over the prior six months. That, too, was a company-reported growth claim at the time. Clay Fisher, a Spark Capital general partner, summarized the investment thesis this way: “Enterprises do not want another software security tool, they want secure software.”
How the product scope later broadened
In an April 2025 update, CEO Dan Lorenc described the Chainguard Factory as building, patching, updating, testing, and hardening packages and Git repositories used to make container images. He also said the company had introduced VMs and Libraries. Lorenc’s update reported a snapshot of 1,400 container images, more than 13,000 packages and Git repositories, and more than 100 customers at that time. Those are company-reported figures from April 2025, not current counts or independently verified market statistics.
Chainguard’s earlier product description said its images were signed with Sigstore and continuously updated, with SLAs, SBOMs, and certifications including FIPS and SLSA. That is historical product context from 2022; it should not be read as a guarantee that every current product or plan includes each feature.
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What happened after the Series B?
In April 2025, Lorenc announced a subsequent $356 million Series D at a stated $3.5 billion valuation. The update is on Chainguard’s blog. It establishes that the 2023 Series B is not the latest financing reported in the sources available here, but it does not establish whether the company has raised additional funding since that announcement.
| Round | Date | Amount and reported context | Lead or source |
|---|---|---|---|
| Series B | November 1, 2023 | $61 million; Chainguard said cumulative fundraising reached $116 million | Spark Capital led; Chainguard announcement distributed by PR Newswire |
| Series D | April 2025 | $356 million at a stated $3.5 billion valuation | Announced by Dan Lorenc, Chainguard co-founder and CEO; no lead investor is stated in the cited update |
Why the funding mattered to the company’s pitch
Chainguard framed the 2023 financing around securing open-source software used by businesses. Lorenc said in the funding announcement: “The future is clear – if you adopt open source software you are responsible for securing it.” The company positioned its images and related build infrastructure as a way to provide software artifacts with security-related information and protections, rather than asking customers to rely only on a separate scanning tool.
The evidence here supports a timeline of financing and product expansion, not a comparison of Chainguard against competing products. The reported funding, customer, image, and package figures should be understood in their dated company-announcement context.
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