SafeBase, a firm known for enabling friction-free security reviews, announced today it has successfully secured a $33 million Series B funding round.

This injection of capital raises the total funding of the company to over $50 million.

The latest funding was led by Touring Capital and saw participation from Zoom Ventures. Also contributing were existing investors NEA (New Enterprise Associates), Y Combinator, Comcast Ventures, and Cerca Partners. Notably, the round included investments from several top cybersecurity executives, including Jim Alkove, former Salesforce Chief Trust Officer.

SafeBase operates by enhancing how software purchasers conduct risk assessments of vendors, aiming to streamline these essential security reviews. Traditionally, these processes have been cumbersome, creating delays and eroding trust between buyers and vendors. SafeBase’s platform provides a centralised and automated approach to managing trust, ensuring transparency and efficiency.

The newly acquired funds will be used to further develop SafeBase’s Trust Center Platform across the trust ecosystem. The goal is to transform and simplify third-party risk assessments, making them real-time and frictionless.

Co-founder and CEO Al Yang: 

“Today’s approach to buyer security reviews is broken. It’s time we say goodbye to security through obscurity and make it easier for buyers to understand a prospective vendor’s security and trust posture without having to jump through hoops. We're excited our investors are doubling down on our vision to create a world where security and third-party risk assessments are done in real-time with no friction. This investment will enable us to build out our platform across the trust ecosystem and transform the future of third-party risk.”