Organizations are facing increased demands due to global privacy regulations like the California Consumer Privacy Act (CCPA), the EU’s GDPR, and Brazil’s LGPD. Creating privacy programs that responsibly use data while fulfilling global regulation requirements is a key priority for companies across the globe. To meet the increasing demands, OneTrust is a privacy management and marketing compliance technology startup that help organizations comply with global regulations like GDPR.
Today, OneTrust announced today it has raised $210 million in Series B funding was led by Coatue and Insight Partners. The round, which follows OneTrust’s $200 million Series A, brings the total investment to $410 million and valuation to $2.7 billion.
Founded in 2016 by Kabir Barday, the Atlanta, Georgia-based OneTrust automates privacy impact assessments and data inventory mapping, enforces risk remediation actions, and triggers recurring audits for continuous compliance monitoring across customer, employee, and vendor data transfers. The company’s web-based software can be accessed on any device and provides a single place for a private office to collaborate with business groups, vendors and trusted advisors managing privacy risks. The result is the ability to demonstrate privacy by design and ongoing compliance with your policies, EU’s data privacy laws (GDPR, BCR, Privacy Shield), and other privacy frameworks (HITECH, ISO, GAPP, APEC).
“OneTrust plans to use the combined funding to continue to invest in meeting the widespread demand for our technology platform,” said Kabir Barday, OneTrust CEO and Follow of Information Privacy (FIP). “We will scale our services, support, and partner ecosystem globally and add new capabilities to the platform through both organic and inorganic innovation.”
In under four years, OneTrust has quickly emerged as the global leader in CCPA and global privacy technology to solve these global challenges, evidenced by significant adoption of the OneTrust technology platform. OneTrust platform is now being used by 5,000 customers, both big and small across 100 countries. Nearly half of the Fortune 500 are OneTrust customers.
“Kabir and his team have achieved a meteoric adoption of the OneTrust technology platform around the world and are leaders in the privacy technology space,” said Thomas Laffont, co-founder of Coatue. “We look forward to working with the talented OneTrust team to drive scale, further enhance their platform offerings, and capture the immense opportunities that continued regulatory adoption will create.”
“Our continued investment in OneTrust represents the value that businesses are placing on having the right tools to implement cost-effective and efficient privacy programs at scale,” said Richard Wells, Managing Director at Insight Partners. “With CCPA now in effect and other privacy laws to follow suit, we are thrilled to continue our partnership with OneTrust to bring value and operational expertise from our Insight Onsite team to help OneTrust ScaleUp.”