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Consent and preferences management platform Didomi has raised $40 million in a series B round of funding.
Founded out of Paris in 2017, Didomi performs with important enterprises like Rakuten, Orange, and Adevinta to assist them handle user consent to run analytics, A/B testing, and other digital advertising initiatives.
Didomi’s consent management platform is created to assist providers gather, shop, and handle users’ consent possibilities about the world, though its preference center enables companies to give customers access to their individual information and update their preferences if they adjust their thoughts on earlier permissions they submitted.
Developers can integrate Didomi by way of a quantity of methods, like computer software developer kits (SDKs), application programming interfaces (APIs), and pre-constructed connectors for the likes of Adobe, Google, HubSpot, and the Salesforce Marketing Cloud.
“The company has been built from the ground up as an open and flexible platform, which is particularly important when you are building and maintaining your privacy tech stack,” Didomi CEO and cofounder Romain Gauthier told VentureBeat.
So, what’s the quantity one dilemma Didomi solves for enterprises?
“Centralizing consent and preference statuses in one place, across all employee, user, or consumer touchpoints, in a technically reliable and simple way,” Gauthier stated. “With such a system in place, they can drive growth while staying compliant and respect their consumers’ privacy choices.”
A current Gartner report recommended that by 2023, 65% of the world’s population’s information will be “protected” by nearby or regional privacy regulations equivalent to Europe’s GDPR or CCPA in California. The consent management market place was pegged as a $317 million business in 2020 and is estimated to more than double in worth inside 4 years, with Didomi rivals such as OneTrust and BigID raising gargantuan funding rounds at mammoth valuations in anticipation of this surge.
“Demand is [being] driven by a combination of needs that stem from compliance, marketing and IT departments,” Gauthier stated. “While consent and preference management — in the early days — was mostly driven by regulation and compliance professionals, it is now a main priority for IT and marketing departments that understand that it is of key importance in their zero- and first-party data strategies. More consent means more revenue.”
Moreover, consultants have also caught on to this trend, according to Gauthier, and are now advising their enterprise consumers that privacy-initial advertising and information methods are important.
While Didomi operates in an increasingly crowded field, Gauthier believes his organization has a couple of factors in its favor, like its distinctive focus on a precise privacy vertical. OneTrust, for instance, delivers a variety of privacy management goods from AI-powered redaction to benchmarking.
“Didomi is the only player that is entirely focused on consent and preference management without seeking to offer a whole range of solutions related to privacy management,” Gauthier stated. “This has allowed us to go much deeper in terms of product capabilities and features to help our clients solve their consent and preference management challenges.”
While Didomi was founded in Europe exactly where — due to GDPR — “privacy laws are more stringent and often more specific,” the organization is really substantially vying for the U.S. market place, exactly where its CTO and cofounder Jawad Stouli is based. This has permitted Didomi to sign up U.S. consumers such as Giphy, Tron Television, and UKG, and it is presently gearing up to open a New York workplace in the next couple of months.
Prior to now, Didomi had raised $6 million, and it has been lucrative considering the fact that its initial year in enterprise. With a different $40 million in the bank from U.S. and European investors like Elephant and Breega, the organization is setting out to bolster its preference management platform.
“Didomi’s vision is to offer a self-service platform to its clients, who are asking for a simple consent and preference management tool that can be deployed across various channels — web, mobile, apps, connected TV — and act as a central, continuously updated ‘vault’ of user permissions for the company,” Gauthier stated. “By adding new channels like email or push notifications to its Preference Management Platform, Didomi will help marketers in many industries to understand and manage their users’ preferences to be compliant and drive revenue at the same time.”