SafeBase Raises $33M in Series B to Accelerate Vision for Friction-Free Security Reviews
30 Abril 2024 - 9:00AM
Business Wire
Led by Touring Capital, the investment will
enhance the industry-leading security platform, enabling
organizations to build meaningful, sustainable customer trust
SafeBase, the leading Trust Center Platform for friction-free
security reviews, today announced it has raised $33 million in a
Series B funding round. This latest investment, which brings the
company’s total funding to over $50 million, is led by Touring
Capital with participation by strategic investor Zoom Ventures. The
round is also joined by existing investors NEA (New Enterprise
Associates), Y Combinator, Comcast Ventures, and Cerca Partners as
well as prominent cybersecurity executives including former
Salesforce Chief Trust Officer, Jim Alkove.
As software purchasers are increasingly required to conduct
detailed risk assessments of prospective vendors, they face
mounting pressure to show these vendors as safe and reliable
business partners. Historically, these security reviews have been
plagued by friction-filled processes that delay sales cycles and
damage the trust between buyers and vendors.
SafeBase believes that security reviews can — and should — be
better. Built with transparency at its core, the SafeBase Trust
Center Platform delivers a centralized and automated approach to
trust management. Some of the most-reviewed companies in the world
such as Abnormal Security, Amplitude, Asana, Axonius, ClickUp,
Datadog, Gigamon, GitLab, Jamf, LinkedIn, Plaid, Postman, and Ramp
use SafeBase Trust Centers to build and maintain customer
trust.
“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,” said Al Yang, CEO at
SafeBase. "We're excited our investors are doubling down on our
vision to create a world where security and third-party risk
assessments are done in real-time with no friction. This investment
will enable us to build out our platform across the trust ecosystem
and transform the future of third-party risk.”
This Series B funding follows a period of rapid growth for
SafeBase. In 2023, SafeBase saw exponential revenue growth and now
serves over 700 customers with 98% gross retention. The company was
also selected as an RSAC Innovation Sandbox finalist, was named to
Fortune’s Cyber60, and saw more than two million views of its
flagship Trust Center product. In addition, the company launched a
host of new products, including its category-leading AI-powered
product designed to greatly reduce human time and error on security
questionnaires.
“Security is no longer just a requirement — it’s a strategic
imperative for success. Traditional security review processes often
act as roadblocks, hindering customer transparency, delaying sales
cycles, and compromising the buyer experience,” said Priya
Saiprasad, Co-Founder and General Partner at Touring Capital.
“SafeBase is not just reimagining the security review process; they
are leading the trust center market with a product that has set a
new industry standard. As the go-to platform for numerous
high-profile companies, SafeBase is reshaping how businesses
showcase their trust and security posture, akin to how LinkedIn
serves as the definitive source for professional backgrounds. We're
excited to partner with SafeBase as they elevate their vision to
unparalleled heights.”
The SafeBase Trust Center Platform enables companies to
communicate their security and trust posture while automating
access to sensitive documents, company data, and other key security
artifacts. The company’s flagship Trust Center and AI Questionnaire
Assistance products take the pain out of the cumbersome security
review process by empowering security, GRC, and revenue teams to
significantly reduce the need for time-consuming security
questionnaires, deliver better buying experiences, accelerate sales
velocity, and position security as a revenue enabler. To learn more
about SafeBase and their Series B investment, visit
safebase.io.
About SafeBase:
SafeBase is the leading Trust Center Platform designed for
friction-free security reviews. With an enterprise-grade Trust
Center, SafeBase automates the security review process and
transforms how companies communicate their security and trust
posture. See why fast-growing companies like LinkedIn, Asana, and
Jamf are ditching outdated 'security through obscurity' at
www.safebase.io.
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Walker Sands for SafeBase Safebase@walkersands.com