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The round was led by Singapore’s Arbor Ventures, Berlin’s Global Founders Capital, and Abu Dhabi’s Mubadala. Previous investors also participated, including Caffeinated Capital, Felicis Ventures, Charles River Ventures, and Team Builder Ventures.
The company wants to help startups across the world adhere to data regulations, which often differ from country to country, in an effort to avoid non-compliance that could lead to millions in fines.
Peter Yared listed some questions the company helps startups answer. For example, “what happens if a Chinese national travels to Brazil and buy a plane ticket from Lufthansa.com? What is Lufthansa supposed to do with the profile information, the transaction information, and the payment information? What if regulations between countries collide?”
Since InCountry’s seed round, the company has built out a four person team to focus on compliance. While it currently operates in 65 countries, Yared tells me that the new round will be used to help InCountry double down in regions.
The new round will be used to build offices in Singapore, Berlin, and Abu Dhabi, and work alongside venture firms in those regions. This will help InCountry “tune into local markets,” Yared says.
There’s no doubt that data governance and privacy sector is getting attention and investment. Druva, for instance, raised $130 million a few weeks ago for cloud data protection. Or DataGrail, which predicted back in September that there’s definitely a business in regulations, raised $4 million.
That said, Yared says no one is working on the exact intersection InCountry is: stored, regulated data for customers. And that differentiation has made for a follow-on check, double the size, in quick order.
Illustration: Li-Anne Dias.