Privacycloud, a Spanish startup working on data privacy between consumers and businesses, has raised its first funding since its launch in March 2018. The round, of an undisclosed amount, was led by BBVA with participation from Spanish investment vehicle, La Sexta Opción.
The startup’s suite of tools give users control over their data, managing consent about how businesses can (or can’t) use the data to create commercial or marketing offers. In a statement from BBVA, the tools help “build trusting and mutually beneficial relationships” between individuals and businesses. In the context of data consent and tailored advertising, this symbiotic relationship is like so: customers only see highly-personalized ads; businesses can reach out to highly-targeted groups of consumers, who all remain anonymous.
Sergio Maldonado, CEO and co-founder of PrivacyCloud, said the new investment will allow the company to “keep moving forward in reformulating current marketing, sales, and customer loyalty building practices.”
La Sexta Opción is comprised of 40 professionals, coordinated by global law firm ILP Abogados and Fundación Villacellino. The group chose to invest in Privacycloud after analysing over 200 potential investment projects, as part of its 400K funding program.