OneTrust hauls in another $150M on a $4.5B down round valuation

OneTrust has been raising money by the bushel since it was founded in 2016, raising a $200 million Series A in July 2019, a $210 million Series B in February 2020, and a $300 million Series C in December 2020. Those rounds came with valuations of $1.3 billion, $2.7 billion and $5.1 billion, respectively. Clearly, those were different times when it came to handing out big checks with gaudy valuations.

Today, the company announced it raised $150 million on a valuation of $4.5 billion, a half-billion shave and a haircut for the company, which seems modest, given how valuations have been trimmed in recent years. Today’s $150 million investment brings the total raised to over $1 billion, according to the company.

The round was led by Generation Investment Management, which is former vice president Al Gore’s firm, with participation from Sands Capital, an existing investor. OneTrust CEO Kabir Barday says that the company has been executing since its last round. “We are thrilled that such a well-established firm such as Generation Investment Management believes in our vision, business strategy and our ability to execute as evidenced by doubling our ARR to $400 million and reaching our free cash flow milestones since our last funding round,” he told TechCrunch.

OneTrust is getting all this money to build a platform to help customers around issues of trust. “We help companies ensure that they can be trusted, and that they make sure that they’re compliant to all laws around privacy, trust and risk,” former OneTrust chairman Alan Dabbiere told TechCrunch at the time of the company’s Series C.

At the time of that last discussion in 2020, the company had 1,500 employees. Today it’s up to 2,100. In 2020, it had 7,500 customers. Today, it has over 14,000. The company was founded in 2016 by former AirWatch employees. VMware bought that company for $1.5 billion in 2014.