SafeBase, a firm known for enabling friction-free security reviews, announced today it has successfully secured a $33 million Series B funding round.
This injection of capital raises the total funding of the company to over $50 million.
The latest funding was led by Touring Capital and saw participation from Zoom Ventures. Also contributing were existing investors NEA (New Enterprise Associates), Y Combinator, Comcast Ventures, and Cerca Partners. Notably, the round included investments from several top cybersecurity executives, including Jim Alkove, former Salesforce Chief Trust Officer.
SafeBase operates by enhancing how software purchasers conduct risk assessments of vendors, aiming to streamline these essential security reviews. Traditionally, these processes have been cumbersome, creating delays and eroding trust between buyers and vendors. SafeBase’s platform provides a centralised and automated approach to managing trust, ensuring transparency and efficiency.
The newly acquired funds will be used to further develop SafeBase’s Trust Center Platform across the trust ecosystem. The goal is to transform and simplify third-party risk assessments, making them real-time and frictionless.
Additional information about SafeBase highlights its significant growth and industry recognition. The company has seen exponential revenue increases, boasts a client base of over 700 customers with a 98% gross retention rate, and was a finalist in the RSAC Innovation Sandbox. Moreover, SafeBase’s flagship Trust Center product has attracted more than two million views.
SafeBase CEO Al Yang commented on the current state of security reviews, “Today’s approach to buyer security reviews is broken. It’s time we say goodbye to security through obscurity and make it easier for buyers to understand a prospective vendor’s security and trust posture without having to jump through hoops,” highlighting the company’s commitment to improving industry standards.
Previously, SafeBase has raised significant capital in earlier funding stages, which has been instrumental in achieving its current market position and growth trajectory.
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