Source: BBVA
BBVA led the first funding round of PrivacyCloud, a Spanish startup developing a series of tools to allow users control how their data are used by businesses to create commercial or marketing offers.
La Sexta Opción, an investment vehicle promoted and coordinated by ILP Abogados and Fundación Villacellino, also participated in the funding round.
Founded in 2018, PrivacyCloud develops technology to put people in control of their data, facilitating individuals and businesses to build trusting and mutually beneficial relationships, while safeguarding customer privacy at all times. On the one hand, consumers only see adds about products and services that really want to know about the company’s data-based personalization engine. On the other, 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”.