SafeBase, a company offering a platform to streamline security reviews, has secured $33 million in a Series B funding round. This latest investment brings the company’s total funding to over $50 million.
The funding round was led by Touring Capital with participation from strategic investor Zoom Ventures. Existing investors NEA (New Enterprise Associates), Y Combinator, Comcast Ventures, and Cerca Partners also participated in the round, along with prominent cybersecurity executives including former Salesforce Chief Trust Officer, Jim Alkove.
In a relative funding news, last week we reported about Amplifier Security which launched AI-powered copilot to engage and empower employees with $3.3M funding.
What problem is SafeBase actually trying to solve
Software buyers are increasingly required to conduct security assessments of potential vendors. Traditionally, these reviews have been a tedious process, often delaying sales cycles and hindering trust between buyers and sellers.
SafeBase’s core mission is to revolutionise this process. Their Trust Center Platform offers a centralised and automated solution for trust management, built with transparency at its core.
“Today’s approach to buyer security reviews is broken,” said Al Yang, CEO at SafeBase. “It’s time we move away from security through obscurity and make it easier for buyers to understand a prospective vendor’s security posture without excessive back-and-forth.”
Major companies like Abnormal Security, Amplitude, and GitLab are already leveraging SafeBase Trust Centers to build and maintain customer trust.
What does SafeBase do to build trust and security
The SafeBase Trust Center Platform empowers businesses to communicate their security posture effectively, while automating access to crucial security documents and data.
SafeBase’s solutions aim to significantly reduce the burden of security questionnaires for security, GRC, and sales teams. This translates to a smoother buying experience, faster sales cycles, and the ability to position security as a tool for business growth.
Company’s milestones and what the investors think about it
This Series B funding comes after a period of significant growth for SafeBase. In 2023, the company witnessed exponential revenue growth and customer acquisition, boasting a 98% gross retention rate. SafeBase was also recognized as a finalist in the RSAC Innovation Sandbox and was included in Fortune’s Cyber60 list.
“Security is no longer just a requirement, it’s a strategic differentiator,” said Priya Saiprasad, Co-Founder and General Partner at Touring Capital. “SafeBase isn’t just streamlining security reviews; they’re leading the trust centre market with an industry-standard product.”
What we think about the startup
SafeBase’s mission to streamline security reviews has the potential to significantly improve the software buying experience for both vendors and buyers.
With increased funding and a growing list of clientele, SafeBase is poised to make a lasting impact on the way trust is established in the business world. However, it remains to be seen whether their platform can live up to the ambitious goal of frictionless security reviews.
