HSBC contributes $7m to Privitar's series-C

Katharine Hidalgo
23 June 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

The corporate venture arm of HSBC has contributed $7m to Privitar's extension of its $87m series-C round.

The investment was made by HSBC's Strategic Innovation Investments team, a corporate venture capital unit taking minority holdings in early-stage technology companies with a strategic relevance to HSBC. The team has made around 20 investments since its inception in 2014.

Warburg Pincus led an $80m series-C funding round for the company in April. The firm was said to be investing around $50m in the round, valuing the company at approximately $400m, according to a report by Sky News.

Warburg Pincus is currently investing from its Global Growth Fund, which closed on $14.8bn in November 2019.

Accel, Partech, IQ Capital, Salesforce Ventures and ABN Amro Ventures also participated in the round.

Money raised from the series-C round will be used to accelerate development, expand overseas, and hire more people in the sales, services and product development departments.

Previous funding
In August 2016, Illuminate Financial Management led a £3m funding round for Privitar.

The company raised $16m in a series-A funding round in July 2017, with support from existing investors IQ Capital, 24 Haymarket and Illuminate Financial, and new funding from Partech, CME Ventures and Salesforce Ventures.

Accel led a $40m funding round in June 2019. Partech, Salesforce Ventures, 24Haymarket and IQ Capital also participated in the round.

Company
Founded in 2014 and headquartered in London, Privitar provides data-privacy software to companies and public sector organisations around the world to protect sensitive data, and enable the safe and ethical use of data for insight. The fund now employs 140 people in offices in New York, Boston, Austin, Paris, Munich, Warsaw and Singapore.

People
Privitar – Jason du Preez (CEO).