SafeGuard Privacy, a SaaS-based compliance platform that allows publishers, agencies, brands, data providers, and tech platforms to assess, audit, and comply with global privacy compliance laws and requirements, announced it has secured $7 Million USD in funding from TechOperators. The multi-million dollar investment was led by TechOperators following two years of hockey stick client and business growth at SafeGuard Privacy.
Since Richy Glassberg and Wayne Matus, Esq. co-founded SafeGuard Privacy in 2019, global privacy laws have proliferated and demand for automated compliance has increased exponentially in response. During this period, dozens of global businesses adopted SafeGuard Privacy’s software platform to ensure compliance across their complex marketing operations and vendor relationships. SafeGuard Privacy plans to use the new funding to accelerate its ability to help businesses around the world to automate compliance.
SafeGuard Privacy is an enterprise software platform that makes it easy for businesses to assess and get compliant while also ensuring their vendors are compliant — a massive challenge facing most brands, corporations, digital advertising and publishing companies. SafeGuard Privacy’s clients adopt its software to maintain compliance with a plethora of privacy laws, including the California Consumer Privacy Act and GDPR. The company’s clients include Business Online, CafeMedia, Habu, Neustar, a TransUnion company, Publisher’s Clearing House and many others.
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According to Enterprise Times, in North America alone, 33 states have introduced some sort of data privacy legislation. California, Colorado, Virginia, Connecticut, and Utah have already signed those policies into law. Globally, 76% of countries have drafted or enacted some sort of personal data privacy protection, including Canada (in Quebec), Brazil, China, Russia, and Australia.
This legal complexity, as well as the seven-figure fines that have been levied on brands as established as Sephora, have become more common as consumers and lawmakers increasingly expect compliance. In fact, according to comments California Attorney General Rob Bonta’s office recently provided to the WSJ, more than 100 public and private companies received letters as part of a 2021 sweep of large retailers that led to the Sephora settlement, and many more letters have gone out to comparable businesses in recent weeks as part of a new sweep.”
These global trends seriously threaten brands who depend on consumer trust and business for survival,” said Glassberg. “Our unique privacy 3.0 technology redefines and simplifies complex compliance through automation, making it easy for companies large and small to comply and get back to business.”
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“New legal requirements are growing daily and the reputational and financial risks and costs of non-compliance are higher than ever. SafeGuard Privacy has created a privacy management platform that works for enterprise companies all the way to SMBs, enabling companies, their law firms, and consultants to collaborate, lower risk and provide continuity. Their game-changing vendor compliance technology reimagines TPRM for a complex world,” said Patrick J. D. Taylor, TechOperators Venture Capital.
According to DLA Piper, since 2015, a total of 1.25 billion in fines were administered by the EU alone, while CCPA fines are now being levied against companies headquartered in NorthAmerica.
“Companies cannot afford to ignore compliance,” said Wayne Matus, co-founder and general counsel of SafeGuard Privacy. “The costs are just too great.”
According to CafeMedia, one of the dozens of top brands that have partnered with SafeGuard Privacy to automate privacy compliance, “The complex evolution of consumer privacy laws are difficult and costly, and require a lot of resources as well as constant monitoring to keep up with the ever-changing landscape,” said Paul Bannister, Chief Strategy Officer, CafeMedia. “SafeGuard Privacy provides a comprehensive, cost-effective tool that allows us to easily prepare and demonstrate compliance with each new law that passes–both for ourselves and our customers. They’ve streamlined the process of compliance preparation and saved us countless hours.”
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