OneTrust has raised bushels of cash since its inception in 2016, raising $200 million Series A in July 2019, Series B $210 million in February 2020, and Series C $300 million in December 2020. The rounds come with valuations of $1.3 billion, $2.7 billion and $5.1 billion respectively. Obviously, it was a different time when handing out big checks with flashy valuations.
Today, the company announced it has raised $150 million at a $4.5 billion valuation, half a billion shaves and haircuts for the company, which seems modest, considering how valuations have slashed in recent years. The $150 million investment today brings the total raised to over $1 billion, according to the company.
The round was led by Generation Investment Management, which was the firm of former vice president Al Gore, with participation from Sands Capital, an existing investor. OneTrust CEO Kabir Barday said that the company has been executing since its last round. “We are thrilled that an established company like Generation Investment Management believes in our vision, business strategy and ability to execute as evidenced by doubling our ARR to $400 million and reaching our free cash flow milestone since our last funding round,” he told Zero2Billions.
OneTrust gets all of this money to build a platform to help customers around trust issues. “We help companies ensure that they can be trusted, and that they ensure that they comply with all laws around privacy, trust, and risk,” OneTrust chairman Alan Dabbiere told Zero2Billions during the company’s Series C.
At the last discussion in 2020, the company had 1,500 employees. Today it rose to 2,100. As of 2020, it has 7,500 subscribers. Today, it has more than 14,000. The company was founded in 2016 by former AirWatch employees. VMware bought the company for $1.5 billion in 2014.