Sourcepoint, the privacy compliance platform of record for the digital marketing ecosystem, today announces it has successfully raised $17 million in funding, led by Arrowroot Capital. As part of the transaction, Kareem El Sawy, Partner at Arrowroot, will be joining the board.
As new privacy regulations, such as the recently passed California Privacy Rights Act (CPRA), continue to come into force across the globe, brands must take a proactive approach to protecting the privacy of both known and unknown customers. Sourcepoint is using this latest funding to continue research and development into scalable and granular ways to monitor and assess degrees of privacy compliance and digital citizenship for digital properties.
The new capital will be used for global expansion as the company continues to grow its market share across North America and Europe. Sourcepoint is also making significant hires to further enhance the experience and expertise across its senior team, including the appointment of John Sedlak to Chief Revenue Officer (formerly an executive at mParticle and BlueKai/Oracle); as well as the integration of the RedBud team following the acquisition of the company earlier this year. This latest investment brings the total raised to $47.8 million since the company’s launch in 2015.
“We’re excited to announce this new investment particularly as data ethics and privacy continue to be at the fore. As media buyers and owners look to understand the level and quality of consent, this funding will allow us to continue the development of tools to facilitate the conversation between buyer and seller. We believe this is a key step in helping publishers, advertisers and all ecosystem players become stronger digital citizens,” commented Ben Barokas, CEO and Co-Founder at Sourcepoint. He continued: “While we are facing some tough global challenges including the ongoing effects of Covid-19, the demise of the third-party cookie, and the challenges surrounding data regulation, there is also an opportunity. Our goal is to continue to make this complex landscape simpler for the media ecosystem by helping advertisers gain control of their own privacy standards and help publishers to better understand the value of their inventory. This investment will help Sourcepoint continue on its growth journey, better serve its customers, and develop new technology to better serve the industry.”
Arrowroot’s Kareem El Sawy added: “We’re thrilled to be investing in a company that is applying a tangible solution to a very complex, urgent and broad issue. With data no longer being sourced, stored, and utilized in the arbitrary ways it once was, regulation is expected to increase dramatically and companies will need to understand how to navigate these challenges in these turbulent times and beyond.
“Through the pandemic, Sourcepoint has continued to invest and grow its business, demonstrating its resilience and the mission criticality of privacy and compliance services at a top-line level for the C-suite. We are excited to begin our partnership with Sourcepoint’s fantastic management team to drive towards building a data secure industry for all players.”
