Just seven months after completing a $200 million Series A round and reaching unicorn status, this Atlanta-based privacy startup has raised another round and hit another milestone.
OneTrust, a privacy, security and third-party risk technology platform, announced Thursday the company has raised $210 million in a Series B round, bringing it to a $2.7 billion valuation.
The round was led by Coatue and previous investor Insight Partners. To date, OneTrust has raised $410 million in funding and surpassed 5,000 customers.
"It’s really exciting to see how OneTrust has grown in just the past year," Kabir Barday, CEO of OneTrust, told Atlanta Inno about the round. "The [California Consumer Privacy Act,] [General Data Protection Regulation] and other privacy laws across the globe like Brazil’s LGPD and Thailand’s PDPA have created a huge demand for our technology. Consumers are demanding privacy-centric approaches to data use, and businesses are responding. Already in 2020 we’ve seen the CCPA become law, privacy legislative activity in the U.S. and globally and moves from big tech companies to adopt more privacy-centric practices."
Coatue was joined OneTrust's round after recognizing the company's vision and opportunity in the market, Barday said.
"We’re lucky to have the trust and support from our investors to fuel our growth, drive our product innovation and build our customer and partner success," he said. "Insight Partners led our Series A and were a natural fit to continue to invest in the OneTrust platform. While the majority of the funds from our Series A are still available, we see significant opportunities for growth and want to move fast on any organic and inorganic growth opportunities we may see in the market and Coatue and Insight Partners are the right investors for us to continue on our trajectory."
OneTrust, which Barday believes to be the only billion-dollar valued privacy technology company, has doubled their valuation because of their expertise in the privacy field, Barday said.
"We host some of the biggest events in the world dedicated to privacy technology here in Atlanta, namely our PrivacyTech global user conference, and have made Atlanta the No. 2 ranked city in the U.S. for IAPP CIPP holders, the International Association of Privacy Professionals Certified Information Privacy Professional," he said.
OneTrust works with companies' privacy departments to be sure they are complying with privacy regulations and laws, such as the California Consumer Privacy Act, the EU’s GDPR and Brazil’s LGPD. In an age where privacy is a growing concern for customers, OneTrust serves as a source to let companies know what data they're collecting, how much, what they need to disclose to their customers and more.
"Our customers are asking us to build technology that goes beyond privacy and into data ethics and trust as a competitive differentiator," Barday said. "We’ve responded by building out our product to address more use cases on top of privacy."
Much of the OneTrust leadership and employee base worked together previously at Manhattan Associates and AirWatch, Barday said. Because of their commonality in culture, the team has been able to scale in a way no other company can without the chaos seen in typical high-growth companies, he said.
"We know not just how to build a technology platform that scales, but an employee and customer base that’s well resourced to grow in tandem," he said.
OneTrust currently employs 1,500 people across 10 offices around the world. Barday said the company plans to grow and scale the team to meet their customers' demands.
"We moved into a new space in both our Atlanta and London co-headquarters, and expanded or moved into new space in nearly every other office that we operate," he said.
