OneTrust has been making headlines since its inception in 2016. The company, with its vision to address issues of trust and compliance, has witnessed an impressive fundraising journey over the years. Today, it unveiled yet another milestone, securing $150 million in funding to fortify its already robust platform.
Founded in 2016, OneTrust has continuously pursued substantial investments to fuel its growth and expansion plans. The journey began with a noteworthy $200 million Series A round back in July 2019, followed by a remarkable $210 million Series B in February 2020. The company's ambition showed no bounds as it then secured an impressive $300 million Series C in December 2020, pushing its valuations to $1.3 billion, $2.7 billion, and $5.1 billion, respectively.
However, the tech funding landscape is ever-changing, and valuations have undergone shifts in recent years. Today, OneTrust announced its latest funding round, successfully raising $150 million with a valuation of $4.5 billion. While this represents a reduction from its previous valuation, it is indicative of the company's adaptability and resilience in navigating the funding market's ebbs and flows.
OneTrust's core mission centers around helping companies establish and maintain trust with their customers while ensuring compliance with privacy and risk-related regulations. With data breaches and privacy concerns becoming more prevalent, businesses are increasingly turning to solutions like OneTrust's comprehensive platform to bolster accountability and transparency in handling sensitive data.
The latest funding round was led by Generation Investment Management, a firm co-founded by former vice president Al Gore, further solidifying OneTrust's credibility and potential in the market. Sands Capital, an existing investor, also participated in the funding round, showcasing their continued confidence in the company's vision and trajectory.
Kabir Barday, the CEO of OneTrust, expressed his enthusiasm about the investment, stating, "We are thrilled that such a well-established firm such as Generation Investment Management believes in our vision, business strategy, and our ability to execute, as evidenced by doubling our ARR to $400 million and reaching our free cash flow milestones since our last funding round."
OneTrust's impressive growth goes beyond its fundraising achievements. The company's employee base has seen substantial growth, with the workforce expanding from 1,500 employees in 2020 to a remarkable 2,100 today. Similarly, their customer count has doubled, with over 14,000 businesses now relying on OneTrust to navigate the complex terrain of privacy and compliance.
The company's journey can be traced back to its roots at AirWatch, where its founders first set sail. AirWatch, a mobile device management provider, was acquired by VMware for $1.5 billion in 2014, setting the stage for the inception of OneTrust two years later.
As the digital landscape continues to evolve, OneTrust's platform serves as a crucial ally for businesses striving to maintain trust and compliance in an era of increasing data sensitivity and regulatory scrutiny. With their latest funding success, the company is well-equipped to propel its mission forward and shape a future where trust remains the bedrock of every successful enterprise.
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