San Francisco, Calif. – June 8, 2010 - TRUSTe, provider of the leading online privacy trustmark, today announced that it closed a Series B funding round of $12 million, led by new investor Jafco Ventures. The round also included a new investment from DAG Ventures and follow-on investments from returning Series A investors Accel Partners and Baseline Ventures. TRUSTe will put the new funding toward enhancing sales and marketing in order to expand its existing enterprise foothold, while capitalizing on the booming small business market and new certification initiatives in social networking, mobile and advertising.
“The completion of our funding is perfectly timed to allow us to meet the ever-growing concern for online privacy and trust,” said Chris Babel, CEO of TRUSTe. “Recent events have shown that consumer privacy remains a hot button for usage of any online service – whether it is social tools or the purchasing of business goods. I am proud to lead the company as we raise the bar and broaden the scope of TRUSTe’s online privacy services to address new levels of transparency, accountability and control.”
“Building business credibility and gaining customer confidence are absolute requirements for the success of online businesses and we view trust and privacy as the next big wave of online security,” said Jeb Miller, General Partner at Jafco Ventures. “We invested in TRUSTe because it demonstrated a deep understanding of market requirements and had vision and execution to capitalize on this massive market need. In particular, Jafco sees tremendous growth potential for small and medium businesses and it is our belief that TRUSTe is the company best able to guide the industry for online privacy requirements across this and other key market segments.”
As a leader in enhancing online trust between consumers and businesses, TRUSTe certifies companies to its online privacy standards rewarding the companies with the leading trustmark thereby driving consumer confidence and better business results. According to a 2009 survey conducted by TNS, more than 82 percent of consumers who recognize TRUSTe’s privacy seal, use it to decide how and when to disclose personal information.
“Our initial Series A investment in TRUSTe and continued support through the Series B round proves the strong belief we have in the company’s success,” said Andrew Braccia, General Partner at Accel Partners. “We consider the TRUSTe executive management team the most experienced Internet authority on consumer privacy protection today and remain bullish in its unique ability to capitalize on the opportunity at hand and move the market forward to the next level.”
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.