Usercentrics, the Consent Management Platform (CMP) headquartered in Munich, Germany, today announced a Series A financing round led by growth fund ALSTIN Capital, with participation from existing investors Cavalry Ventures and Reimann Investors.
Usercentrics is a Consent Management Provider registered in IAB Europe’s Transparency & Consent Framework.
Usercentrics was founded in late 2017 by Mischa Rürup, Vinzent Ellissen and Lisa Gradow. Usercentrics CEO Mischa Rürup had previously founded the software company intelliAd and successfully sold it to DHL.
Usercentrics says the new investment will be used to further accelerate product development and customer growth as companies worldwide are preparing for stricter privacy regulations.
Usercentrics CMP enables companies to collect, manage and document user consent in compliance with the data collected. Usercentrics CMP was implemented by hundreds of customers, including Fortune 500 companies such as Telefonica, T-Mobile, and Commerzbank.
“The proper management of the user’s consent has become a very relevant constraint for data-driven business models and thus a competitive advantage. If personal data is processed in the future, the company must prove the data’s origin, exact purpose, retention period and many more attributes. If the organization fails to do so, data from several years may have to be deleted in retrospect if the respective consents have not been documented correctly. This leads to a loss of customers and revenue. The company thus exposes itself to a significant risk, which exceeds the 4% fine foreseen in the GDPR,” comments Mischa Rürup, founder and CEO of Usercentrics. “Without consent, personal data is worth nothing; and without data, consent is worthless. Data and their consents only become a success factor after being merged. Usercentrics therefore generates consent IDs and attaches them directly to the data so that the consents are linked to the data.
We see a significant increase of interest in our solution, particularly from risk-averse customers in the automotive, insurance and banking industries.” – says Rürup.
Usercentrics global expansion
According to Usercentrics, global expansion will be achieved primarily through scalable strategic partnerships and white label solutions for agencies and technologies. In April, Usercentrics recruited Senior Google Manager Jürgen Weichert. As former Head of Strategic Partnership Development at Google for DACH, he and his team have built partnerships resulting in over $100 million per quarter in partner sales. In his new role at Usercentrics, he is now in charge of establishing a global partner program.