Led by Touring Capital, the investment will enhance the industry-leading security platform, enabling organizations to build meaningful, sustainable customer trust
SAN FRANCISCO (April 30, 2024) –– 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, OpenAI, 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.
