- OneTrust received $300 Million in Series C funding.
- OneTrust is now valued at $5.1 Billion.
- The funding was led by TCV along with Insight Partners and Coatue.
OneTrust announced today about its $300 million Series C funding round. It’s the largest and most commonly used platform for privacy, security, and data governance technology.
Since its Establishment, the funding values OneTrust at $5.1 billion and takes the total capital raised by the firm to $710 million in the last 18 months.
As a new investor, TCV signed on and led the round, followed by current investors from OneTrust, including Insight Partners and Coatue.
TCV praises OneTrust
The startup was described as “category-defining,” by Tim McAdam, a TCV general partner.
Tim added that it caught his company’s attention after hitting $150 million in annual recurring revenue. As it was faster than any other company in the business-to-business software market.
Established in 2016 and led by Chief Executive Officer Kabir Barday, OneTrust has more than 7,000 customers on its website, including Aetna Inc., Kickstarter, Oracle Corp., and Tencent Holdings Ltd.
It has recently added approximately 1,000 new customers per quarter, said Alan Dabbiere, co-chairman of OneTrust. The growth trajectory of OneTrust could lead to a public-market debut soon.
“We view the next step as an IPO for technology companies of a certain size and scale as part of a natural progression,” he added.
Recent History of OneTrust
Before the pandemic struck, OneTrust had relied heavily on trade shows. Dabbiere actually claims they have attended as many as 700 a year.
They initially lowered their revenue guidance as that avenue closed when the pandemic struck, but when they migrated to digital platforms along with their customers, they found that revenue did not drop as they planned.
The new funding comes after the company raised $210 million in February at a $2.7 billion valuation led by Coatue and Insight, more than doubling its $1.3 billion valuations in July 2019 after a $200 million investment led by Insight.
