With this cash infusion, the company's overall investment exceeds $50 million.

The most recent round of fundraising included participation from Zoom Ventures and was led by Touring Capital. Current backers Y Combinator, Comcast Ventures, Cerca Partners, and NEA (New Enterprise Associates) all made contributions. Interestingly, a number of prominent cybersecurity leaders participated in the round, including Jim Alkove, the former Chief Trust Officer of Salesforce.

SafeBase works by improving the way software buyers evaluate providers' risks in an effort to make these crucial security inspections more efficient. These procedures have historically been onerous, causing delays and undermining vendor-buyer confidence. The platform offered by SafeBase offers a centralized and automated method of maintaining trust, guaranteeing efficiency and transparency.

The recently obtained capital will be employed to further the development of SafeBase's Trust Center Platform throughout the ecosystem of trust. Real-time and frictionless third-party risk assessments are the aim of simplifying and transforming them.

More details about SafeBase demonstrate the company's notable expansion and industry recognition. With over 700 clients and a 98% gross retention rate, the firm has experienced exponential revenue growth and was a finalist in the RSAC Innovation Sandbox. Furthermore, the Trust Center, the company's main offering, has received over two million views.

"Today's approach to buyer security reviews is broken," said SafeBase CEO Al Yang, regarding the status of security reviews as they stand. The business emphasized its dedication to raising industry standards, saying, "It's time we say goodbye to security through obscurity and make it easier for buyers to understand a prospective vendor's security and trust posture without having to jump through hoops."

SafeBase had already raised a sizable amount of money during prior fundraising phases, which has been crucial to attaining its present market position and development trajectory.