Privacy Startup OneTrust Reaches $1.3 Billion Valuation in Massive Series A
OneTrust raises $200 million to help businesses comply with strict online privacy laws like GDPR and CCPA. The three-year-old company plans to use the funds to expand globally and enhance its data protection technology.
OneTrust raises $200 million in a Series A funding round led by Insight Partners, reaching a $1.3 billion valuation just three years after its founding. The company builds tools that help organizations navigate complex data protection and privacy policies to comply with regulations like GDPR and the California Consumer Privacy Act. Although the startup already generates revenue and initially did not seek funding, CEO Kabir Barday notes that this significant capitalization signals stability to larger enterprise clients.
The company currently serves around 3,000 customers across 100 countries and employs 1,000 people to tackle the urgent need for operational overhauls in data practices. OneTrust uses its new funding to expand its geographical reach and grow its customer base. Additionally, the startup invests heavily in its technology, currently holding 50 filed patents with another 50 applications in progress to secure its intellectual property in the privacy protection space.
OneTrust delivers its privacy solutions through three main service categories. Its Privacy Management Software helps organizations track data collection and generate compliance reports for various legal jurisdictions. It also provides the well-known cookie preference tools that allow internet users to control how websites handle their personal data. Finally, the company offers a comprehensive database and risk management platform that evaluates the data practices of third-party services like advertising networks.