Telecommunications and internet group SoftBank’s Vision Fund 2 led a $210m second tranche for US-based security and governance software provider OneTrust yesterday that took its series C round to $510m.
Asset manager Franklin Templeton also took part in the second close, which followed a $300m tranche featuring TCV and existing investors including Insight Partners and Coatue in December 2020. The final close came at a $5.3bn post-money valuation.
OneTrust’s software uses artificial intelligence and robotic automation technology to enable companies to operationalise security, privacy, data governance, ethics and compliance activities to ensure they meet all their regulatory requirements.
Kabir Barday, OneTrust’s CEO, said: “SoftBank and Franklin Templeton bring unique advantages to the OneTrust business and will help us further grow both organically and inorganically to build the platform of trust for our customers and partners.”
Ramzi Ramsey, partner at SoftBank Investment Advisers, which manages Vision Fund 2, added: “As more data is created and shared over the internet, consumer privacy and trust have become critical issues for companies globally.
“We believe OneTrust is the leading enterprise platform leader that is providing data privacy and compliance needs for organisations of all sizes. We are pleased to partner with Kabir and the OneTrust team to support their mission to operationalise trust and expand into new markets.”
The round’s close increased the company’s overall funding to $920m, including $200m raised in a series A round led by Insight Partners at a $1.3bn post-money valuation. Coatue and Insight Partners then co-led a $210m series B round in February 2020 valuing it at $2.7bn.
