Already a startup unicorn, fast-growing Atlanta-based privacy management platform OneTrust added a $200 million Series B round to its capital stockpile as it continued a run at dominating a sector of growing global importance.
The funding comes on top of a $210 million Series A, bringing OneTrust’s total private funding to $410 million and valuing the company at $2.7 billion.
OneTrust was founded in 2017 in advance of the European Union’s General Data Privacy Regulation, or GDPR, initially setting up offices in London and Munich. But more jurisdictions have adopted their own standards in a bid to protect consumers in an increasingly digital world, driving demand for the company’s platform.
Brazil signed its own privacy law modeled after that of the EU in 2018, while California’s Consumer Privacy Act, seen by some as a potential forerunner to a national U.S. law, went into effect this year. Even Thailand has enacted its own privacy regulation.
OneTrust’s suite of products, now deployed by 5,000 customers and 20,000 users across 100 countries, becomes more valuable the more complex this world gets, as it simplifies operations for companies operating across multiple locales.
The company is growing globally to support the expansion, now with 1,500 employees spread across 10 global offices in Bangalore, San Francisco, Melbourne, New York, Munich, Hong Kong and Bangkok. London and Atlanta are seen as its “dual headquarters.”
Along with a wide variety of tech and UX roles, a trove of new job postings on the company’s website hint at deeper expansion into Brazil and various countries in Europe.
“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 Fellow of Information Privacy, in a news release. “We will scale our services, support, and partner ecosystem globally and add new capabilities to the platform through both organic and inorganic innovation.”
Mr. Barday was named EY’s Entrepreneur of the Year in 2019 in the United States.
The funding round was led by Coatue and Insight Capital Partners.