Venture Capital: Cloud-Based Privacy Management Startup OneTrust Lands $150M At A Lower Valuation

July 25, 2023 | News, Venture Capital

OneTrust was valued at $4.5 billion, about 12% lower than its valuation of $5.1 billion in 2021.

Atlanta-based startup OneTrust raised $150 million in a funding round led by new investor Generation Investment Management, co-founded by former Vice President Al Gore, with participation from existing investor Sands Capital. The round valued the privacy and security company at $4.5 billion, a 12% drop from its previous valuation of $5.1 billion after raising a Series C in late 2020 and an extension in 2021.

The slowing venture market has led to several unicorns, including Klarna and Stripe, raising down rounds. This trend suggests that many companies were overvalued in 2021 rather than underperforming. (Crunchbase News)

OneTrust, founded in 2016, specializes in helping companies manage privacy, security, and governance requirements amid changing regulatory environments. OneTrust was part of a wave of compliance regulation startups that emerged following the enactment of numerous laws and regulations, such as Europe’s General Data Protection Regulation and the California Consumer Privacy Act.

Despite the down round, OneTrust’s CEO, Kabir Barday, reported that the company’s annual recurring revenue had doubled to $400 million in 2021. The company recently ranked number one in worldwide market share for data privacy software for the fourth consecutive year, according to IDC’s Worldwide Data Privacy Compliance Software Market Shares report, “OneTrust Continues to Hold its Large Lead Over the Market.”

The new funding will be used to meet the increasing demand from OneTrust’s customer base of over 14,000 globally. OneTrust currently ranks #24 on the Forbes Cloud 100 list of top private cloud companies in the world and employs over 2,000 people.

Notable investors in the company include TCV, Insight Partners, and Coatue.

Related Story:  Cloud Security Startup Wiz Nabs $300M Series D Financing

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