OneTrust, Atlanta’s data privacy management startup that earned unicorn status in 2019, announced it has raised a $300 million Series C funding round.
The round was led by TCV, the Silicon Valley VC firm which previously invested in companies such as Airbnb, Netflix, Expedia, Facebook, ByteDance, LinkedIn, and Peloton. Previous investors Insight Partners and Coatue also joined the round.
Of the 350 technology companies TCV has invested in, 63 have gone public and 58 have been acquired.
The new funding round brings OneTrusts’ valuation to $5.1 billion. “Bringing on a new investor is the most credible way of updating our valuation, which gives us both the capital and the currency to execute on our mission to build the technology platform of trust. The investment will go into growth both organically, through new hires and product development, and inorganically as it makes sense to round out our product portfolio,” OneTrust’s co-chairman Alan Dabbiere told Hypepotamus.
According to a video released by CEO Kabir Barday and CTO Blake Brannon, OneTrust was not seeking additional funding when TCV approached the team. “This shows that we are going to be around for the long term, and really be investing in a big way in our customers, our team, and our platform,” said Barday.
Since its founding in 2016, OneTrust has grown its user base to 7,500 customers, which now includes over half of the companies listed on the Fortune 500. It also has 130 patents to its name.
With the additional Series C round, OneTrust has brought in $710 million in the last 18 months. This comes as more companies recognize the importance and necessity of data privacy and compliance.
“OneTrust was founded as a privacy technology company, and we’ve learned from our customers that they want a platform that addresses not just privacy, but broad security, data governance, and ethics and compliance,” Dabbiere added. “We see this coming together as the technology platform of trust. It’s no longer enough to have a great product at a great price, consumers want to be sure the company they do business with is ethical and trustworthy. OneTrust is the fabric of trust that sits within an organization to make trust a competitive advantage and consumer differentiator.”
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