TRUSTe Responds to Consumer Privacy Threats with Major Expansion
Investment from Accel Partners Will Advance TRUSTe’s Innovation in Privacy Assurance
SAN FRANCISCO—July 15, 2008— In response to increasing threats to consumer privacy, TRUSTe, the recognized authority on privacy best practices on the Internet today, announced the completion of its first round of financing from Accel Partners, a leading Silicon Valley venture firm. The investment will enable TRUSTe to create state-of-the-art monitoring systems to stay ahead of technology advances with new tools, products and best practices that facilitate trust between businesses and consumers.
TRUSTe currently certifies and monitors privacy practices on 2,400 Web sites, including many of the most respected and heavily trafficked, such as Disney, HP, eBay, Intuit, Microsoft, Apple, Boy Scouts of America, the National Football League, and Pepsi, benefitting more than 240 million consumers per day. This strategic investment will allow TRUSTe to expand its market reach, offer new and innovative services, and respond to growing online privacy threats from technologies such as phishing, adware and spam. It will also enable TRUSTe to address emerging issues such as behavioral targeting, social networking, and mobile location-based services.
A recent survey found that consumers are becoming more concerned with online privacy -- 94% of consumers view privacy as an important issue -- confirming the growing market need for credible third party validation of online trust and privacy. In addition, research shows that consumers spend more money on Web sites when a TRUSTe seal is present.
“As we all have become more dependent on the internet for a wide range of personal and business activities including shopping, banking, investing and everyday communications, there has been a dramatic increase in threats to personal privacy. This demands increased vigilance by consumers and more stringent practices and accountability by businesses,” said Fran Maier, CEO of TRUSTe. “This investment from Accel Partners will help us further our mission of building trust on the Internet.”
“Accel is committed to aligning with industry defining companies that possess unique insight to meet the evolving needs of consumers online,” said Andrew Braccia of Accel Partners. “TRUSTe is the recognized leader in privacy assurance, and we believe they are well positioned to accelerate the adoption of best practices by more businesses large and small and the consumers they serve."
“The Board of Directors is extremely pleased that Accel Partners has stepped forward to fuel TRUSTe’s future growth,” said Ralph Terkowitz, Chairman of the Board of TRUSTe. “We believe that Accel Partners, one of the most respected investors in venture capital, will serve as a perfect partner to guide and energize the success of TRUSTe as it expands to address new privacy frontiers.”
About Accel Partners
Founded in 1983, Accel Partners has a long history of excellence and innovation in the venture capital business and is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class technology businesses. Accel today invests globally with offices in Palo Alto, California and London, as well as in China via the IDG-Accel Partnership. With over $4 billion under management, Accel has helped technology entrepreneurs build over 300 successful companies, many of which have defined their categories include Actuate, Acopia, Agile Software, Alfresco, BBN, Brightcove, ComScore, Etsy, Facebook, Foundry Networks, GlamMedia, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, Maven Networks, metroPCS, Polycom/PictureTel, Portal Software, Rapt, Real Networks, Redback Networks, Riverbed, UUNet, Veritas, Walmart.com, Webroot, Wily Technology, XenSource and Zimbra. For more information, visit the Accel Partners web site at www.accel.com.
TRUSTe is the leading global privacy management solutions provider and offers a broad suite of solutions that enable multinational companies to safely and efficiently handle the customer data powering their online businesses - including advertising, cloud services, mobile applications, and websites. Over 5,000 web properties from top companies like Apple, Disney, eBay, Forbes, HP, and Microsoft rely on TRUSTe to ensure compliance with evolving and complex international privacy requirements. TRUSTe's mission, based on a "Truth in Privacy" framework, is built on a solid foundation of transparency, choice and accountability regarding the collection and use of personal information. TRUSTe's privacy seal is recognized and trusted by millions of consumers worldwide as a sign of responsible privacy practices. For additional information on TRUSTe and its offerings, please visit http://www.truste.com.