BBVA leads first funding round of Spanish startup PrivacyCloud
PrivacyCloud develops a series of tools to allow users control how their data are used by businesses to create commercial or marketing offers.
BBVA today announces that it has invested in Spanish startup PrivacyCloud.
The company, which develops solutions that allow users to manage their data directly with advertisers and brands, has closed the first round of funding led by the bank. La Sexta Opción, an investment vehicle promoted and coordinated by ILP Abogados and Fundación villacellino, also participated in the funding round.
PrivacyCloud, which was established in 2018, facilitates individuals and businesses to build trusting and mutually beneficial relationships, while safeguarding customer privacy at all times. Consumers only see adds about products and services that they really want to know about. Also, businesses reach out to highly-segmented groups of anonymous potential consumers, much more likely to purchase their products and services.
With this investment, BBVA strengthens and fosters the new-technology innovation ecosystem, supporting the development of unique data-based solutions capable of bringing true value to users.
Sergio Maldonado, CEO and cofounder of PrivacyCloud, explained that this investment will allow the Spanish startup to “keep moving forward in reformulating current marketing, sales and customer loyalty building practices”.
La Sexta Opción is made up by 40 recognized professionals. The PrivacyCloud investment is the result of the “400K Funding Program,” in the context of which, vehicle members have analyzed over 200 investment projects.
