UK-based data protection software provider Privitar landed $40m yesterday in a series B round that included Salesforce Ventures, the corporate venturing arm of enterprise software producer Salesforce.
Venture capital firm Accel led the round, while Partech Ventures, IQ Capital and 24Haymarket also contributed capital.
Founded in 2014, Privitar has developed software that helps companies and public sector organisations protect their data from attacks in compliance with laws such as the European Union’s General Data Protection Regulation and California’s Consumer Privacy Act.
Partech Ventures led a $16m series A round for the company in mid-2017, investing alongside Salesforce Ventures, CME Ventures, the investment vehicle for trading platform CME Group, IQ Capital, 24Haymarket and Illuminate Financial.
Financial services firm Citi’s corporate VC unit, Citi Ventures, added an undisclosed amount in December 2018. Privitar had already raised $1m in a 2014 angel round and $3.9m in a seed round led by Illuminate Financial and backed by 24Haymarket and IQ Capital two years later.
Jason du Preez, Privitar’s CEO, said: “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organisations manage and share data.
“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”