Organisations have turned personal data into a key asset for themselves. On the other hand, consumers are now becoming more aware of how their data can be used and are demanding transparency and control for the same. Not only that, even the regulations on data sharing are getting more complex around the world.
Hence, in the current scenario, every successful company needs to be transparent and give customers control over their data to be trusted and thrive. And this is where Paris-based Didomi wants to make a difference for the organisations. The company builds technology to help companies put their users in control of their personal data. By doing so, they generate valuable trust and lay the groundwork for privacy-conscious growth.
Didomi raises Series B funding
In a recent development, Didomi announced that it has raised $40M (approx €33.72M) in its Series B round of funding. The investment was led by Elephant and existing investor Breega.
Speaking on the development, Romain Gauthier, CEO of Didomi, says, “Jawad, Raphael and I have co-founded Didomi to make privacy easier for everyone and an obvious choice for companies. This fundraising is a major milestone on our journey to deliver on this mission. This gives us resources to keep building the best technology for our existing and upcoming clients.”
To date, Didomi has raised a total of $46M in funding, which includes $6M in a previous Series A round led by Breega with the support of Bpifrance.
Privacy – a strategic priority for companies?
According to a recent European consumer survey, 80 per cent of consumers pay attention to privacy before purchase, and about two-thirds of consumers modify their purchasing decisions in line with companies’ privacy commitments.
According to research and advisory firm Gartner, by 2023, 65 per cent of the world’s population will have its personal data covered by bespoke regulation, mostly to address growing concerns around privacy and national sovereignty.
According to Maximilien Bacot, co-founder & Managing Partner of Breega, “Companies are now realising they need to take action. What started as a pure compliance preoccupation, in the early days of GDPR in Europe and CCPA in California, has since become a global concern by companies of all sizes to foster trust through better permission management in the technology stack. Didomi is proposing popular and widely-adopted solutions for organisations seeking to address these challenges.”
The Paris-based startup helps developers and companies manage their users’ consent and preferences across their online and off-line channels.
Helping companies put their users in control of their personal data
Founded in 2017, Didomi is a consent and preference management platform that collects and leverages user consents and preferences for businesses.
The company’s Consent Management Platform (CMP) allows developers and companies to collect consent for the use of online and mobile trackers. Analytics, targeted advertising, or even personalisation can be activated upon explicit permission as required by various regulatory frameworks such as GDPR.
Moreover, the consent management tool can easily be customised and deployed across web, mobile, in-app, and even connected TV environments.
With the CMP solution, companies such as Giphy, Rakuten, UKG, Weight Watchers International, and Wolters Kluwer get hold of detailed analytics about consent behaviours of their customers. This helps them measure and optimise the benefits of transforming their user journey towards more privacy.
CTO of Didomi, Jawad Stouli, explains, “Didomi has taken a developer-first approach as a platform. With open APIs, public developer documentation and open-source SDKs for popular frameworks, our solutions are a good fit for tech teams and developers for all consent and preference management use cases. Didomi allows tech teams to easily embed consent into their apps and systems, lowering the cost of compliance and removing technical hurdles to invest in privacy, which is much needed across today’s markets.”
Fund to invest in technology and expand in the US
The proceeds from this round will enable Didomi to support its growth in European home markets and invest in its expansion to the US. “We will open offices in Germany, Spain and the US as part of our ambition to establish ourselves as a global leader in Consent and Preference Management.”
Additionally, the funds will also allow the company to further develop a convenient and self-service platform wherein organisations of all sizes can create consent and preference management interfaces.
Besides, Didomi is also planning to grow its team by hiring talents in the fields including local marketing, sales, partnership, developer support, and customer success.