LORCA member Privitar has closed an $80m Series C funding round //07.04.20
Privitar has announced that it’s completed an $80m Series C funding round led by Warburg Pincus, a global private equity firm focused on growth investing, with participation from Accel, Partech, IQ Capital, Salesforce Ventures and ABN AMRO Ventures.
The investment comes hot on the heels of the LORCA member’s $40m Series B funding round led by Accel in June 2019. This latest raise will enable Privitar to accelerate the development of its data privacy platform, fuel more innovation, grow its team and scale internationally.
Privitar works with clients like Citi and HSBC to help them keep their customer data private. It’s also been chosen by the NHS to help the organisation securely share patient data across different parts of the health service.
Commenting on the raise and the need for the company’s data privacy technology, Jason du Preez, CEO of Privitar, said:
“Large enterprises in regulated industries like financial services and healthcare have been early adopters of data privacy solutions, but all companies should look for ways to use data more safely and more effectively. Managing sensitive data at enterprise scale and complexity is a real challenge for even the most sophisticated data organizations. By automating the enforcement of data protection strategies, Privitar’s platform makes this achievable in any data-driven organization.”
Warburg Pincus is a leading global private equity firm with expertise in VC and growth investing. The firm has invested more than $17bn in tech companies and is one of the most active growth investors in cybersecurity. Cary Davis, managing director at Warburg Pincus, explained the appeal of Privitar and the decision to back the scaleup:
“The advent of data privacy regulations such as GDPR and CCPA, combined with the increasing importance of data analytics in the enterprise, has created a growing need for a privacy solution that protects sensitive data while still retaining its business value. We believe that Privitar is best positioned to help companies address this challenge, with a leading platform that has been successfully deployed at some of the largest and most discerning enterprise customers across financial services, healthcare, and other industries.”
Privitar joined LORCA’s second cohort in January 2019, and went on to have an extremely successful year. During the programme, Privitar developed a new offering for startups and worked with our professional services partners Idea East and Sales For Startups to develop a separate brand identity and marketing strategy to reach the audience.
In 2019 alone, the company more than tripled its annual recurring revenue year-on-year and its global headcount increased by 80% (it now has over 140 employees in Austin, Boston, Singapore, and Warsaw).