Germany-based Usercentrics, a consent management platform for data, has closed a ‘multi-million’ Series A round.
Growth fund ALSTIN Capital led the round, with contributions coming from previous Usercentrics investors including Cavalry Ventures and Reimann Investors. Joining the venture firms was angel investor Alexander Gösswein.
Capital from the round is being used to accelerate product development and customer growth as data protection regulations and enforcement becomes more frequent. The company is seeking to expand globally through strategic partnerships.
The Usercentrics platform helps companies to collect, manage, and document user consent across all digital channels and ensure compliance with data collected. Its consent management solution can meet the specific needs and requirements of a firm.
Users can access a GDPR audit which ensures their cookie banner meets necessary requirements, the privacy policy is efficient, and the technologies are secure.
Usercentrics founder and CEO Mischa Rürup said, “Without consent, personal data is worth nothing; and without data, consent is worthless. Data and their consents only become a success factor after being merged. Usercentrics therefore generates consent IDs and attaches them directly to the data so that the consents are linked to the data.”
Cavalry Ventures managing partner Stefan Walter said, “When assessing and valuing companies with digital business models, data protection has become an essential factor. The impact can be both positive and negative, depending on how much the company values principles such as Privacy by Design and Privacy by Default.
“Usercentrics offers an out-of-the-box solution in this success-critical and technology-intensive area. We not only recommend this solution to our portfolio companies in Germany, but also see great demand in the global market.”
Complying with GDPR is becoming as crucial as ever with fines beginning to become more frequent. Earlier this month, the French data privacy regulator CNIL fined real estate marketplace website Sergic €400,000 for failures in the regulation.
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