Sourcepoint, a privacy compliance platform for digital marketing, has netted $17m in its fresh equity round.
Arrowroot Capital served as the lead investor. As part of the deal, Arrowroot Capital partner Kareem El Sawy will join the Sourcepoint board of directors.
Funds from this round will support the global expansion plans of the company, as it looks to increase its market share across North America and Europe. The RegTech is also making a number of key hires, including the recent appointment of former executive at mParticle and BlueKai/Oracle as chief revenue officer.
Sourcepoint will also use capital to increase its research and development efforts to monitor changes in regulations.
The RegTech offers companies a compliance platform for data privacy regulations like GDPR, ePrivacy and CCPA.
Sourcepoint CEO and co-founder Ben Barokas said, “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.”
This funding round puts the company’s total equity raised to $47.8m since it was launched in 2015.
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