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Atlanta-based announced a $300 million Series C, raising the total amount the company has raised to $710 million in less than 18 months.

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The Series C was led by new investor , which was joined by existing investors including and . The new round values the privacy, security and data governance platform developer at $5.1 billion.

Founded in 2016, OneTrust helps companies manage privacy, security and governance requirements through a regulatory environment that constantly changes.

IPO

Between 2016 and 2019, OneTrust has grown revenue more than 48,000 percent.

鈥淲e look at a lot of software companies and we鈥檝e never seen a company achieve the scale OneTrust has achieved this quickly with the amount of money they鈥檝e raised,鈥� said , general partner at TCV.

OneTrust Co-chair said it is in the realm of possibility that the company could be public in 12 to 18 months. He added it is his goal to have the company prepared for such an event in four to six months鈥攁lthough that does not mean the company will undertake an IPO at that time.

鈥淭he company will get to the public market when the time is right,鈥� McAdam said. 鈥淭his is a 10-year macro, megatrend and we are just in the early years.鈥�

Dabbiere has taken a company public before. In 1995, he founded and took it public in 1998 with no outside capital.

The market

OneTrust has more than 7,500 customers 鈥� including half of the Fortune 500 鈥� using the platform, which helps keep customers in compliance with hundreds of laws and regulations, such as Europe鈥檚 General Data Protection Regulation and the California Consumer Privacy Act.

Compliance regulations are expected to continue to grow with predicting 鈥攃ompared to 10 percent now.

OneTrust is not the only company in the regulation compliance space. Others, such as and , also have seen large funding rounds, including BigID鈥檚 $70 million Series D earlier this week.

New money

OneTrust will use the new money to help push both organic and inorganic growth. The 1,500-employee company has made four acquisitions to date, and Dabbiere said the company will continue to look for tuck-ins as well as possible larger deals in contiguous spaces.

The new round marks the company鈥檚 third raise since July 2019. After raising a $200 million Series A, the company raised a $210 million Series B in February.

Dabbiere is no stranger to large rounds. As chairman of mobile device management company , he raised a $200 million round led by Insight in 2013. Those types of large rounds from accredited investors help bring credibility to companies, especially when selling internationally, Dabbiere said.

AirWatch eventually was acquired by for $1.54 billion the year following the Insight raise, but Dabbiere said he sees a different exit for OneTrust.

鈥淚 see this more of an IPO,鈥� he said.

Illustration: .