UK-based data protection software developer Privitar completed an $80m series C round on Monday featuring enterprise software provider Salesforce and financial services firm ABN Amro.
Private equity firm Warburg Pincus led the round, which included Accel, Partech and IQ Capital and which valued the company at about $400m according to The Telegraph. The corporates participated through respective investment subsidiaries Salesforce Ventures and ABN Amro Ventures.
Privitar has built a software platform that enables enterprise clients and public sector organisations to automatically protect and de-identify data, facilitating compliance with laws such as the European Union’s General Data Protection Regulation.
The technology also enables financial services firms to prevent money laundering and fraud while protecting sensitive customer data. The series C capital will allow Privitar to expand the capabilities of its product, drive recruitment and accelerate international growth.
The company has raised more than $140m in total funding to date. It received $40m in a June 2019 series B round led by Accel and backed by Salesforce Ventures, Partech, IQ Capital and 24Haymarket*.
Citi Ventures, the corporate venturing unit owned by financial services provider Citi, had previously invested an undisclosed amount in Privitar in late 2018 that now looks likely to be more than $4m.
Partech led the company’s $16m series A round in 2017, investing with CME Ventures, the VC arm of financial derivatives exchange service CME Group, as well as Salesforce Ventures, IQ Capital, 24Haymarket and Illuminate Financial.
*24Haymarket is an investor in Mawsonia, the publisher of Global Corporate Venturing.
