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Safebase Bags $18M Series A To Speed Up Vendor Security Auditing Process

Mar 10, 2022•over 3 years ago

Amount Raised

$18

Round Type

series a

Consumer GoodsReal EstateOtherInformation TechnologySoftware

Description

Every company has to check the security credentials of its software vendors before signing on the dotted line to make a purchase. It usually involves a clunky non-digital process of signing NDAs and then requesting documents like pen test reports and SOC-2 compliance certification. This process can slow down sales while potential customers check the security posture of the vendor.

Company Information

Company

Safe Base

About

Every company has to check the security credentials of its software vendors before signing on the dotted line to make a purchase. SafeBase co-founder and CEO Al Yang said the company wants to work with sales teams to speed up what has traditionally been a bottleneck in the sales process. While the company launched in 2020, it already has over 100 companies using the product and ARR has grown 7x in the last six months, according to Yang. The startup recently almost doubled headcount, reaching 15 employees with plans to hire more with the new capital. Today the company announced an $18 million Series A investment led by New Enterprise Associates with participation from Y Combinator and Comcast Ventures. The security score is one piece of information your company can use as you judge the security of the vendor, but Yang said SafeBase provides the details behind that score.

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech