Announcing Vanta’s $110 Million Series B
Growing up in Columbus, Ohio, a few virtues were instilled in me from a very young age: hard work, discipline, and Ohio State football.
The first two have been the backbone of how we’ve built Vanta since we started in 2017 (and I’d like to think I’ve recruited a few Buckeye fans along the way). When we raised our Series A last year, it was the first time we’d taken funding since graduating from Y Combinator in 2018. We spent the three years in between making sure we’d found product-market fit and had a business that could thrive on its own. By the time investors looked at our books, we’d already reached over $10 million in ARR.
Today, I’m thrilled to announce we’ve hit another milestone: Vanta has raised $110 million in Series B funding at a $1.6B valuation led by Craft Ventures with participation from Sequoia, Y Combinator, and other existing investors.
As every football fan knows, you have to react when the game on the field changes. It’s easy to raise money in a hot market. But slowdowns have a way of refocusing attention on strong business fundamentals. That’s great news for Vanta. The metrics that investors are scrutinizing now — burn rate, capital efficiency, gross margins — are ones we’ve always excelled at.
Over the past year, Vanta has surpassed 3,000 customers and 250 employees. We’ve expanded to support six compliance standards and counting. Most recently, we’ve launched Vanta Trust Reports to make it easier for companies to proactively demonstrate their real-time security status with prospects and customers. And, yeah, we’ve had a little fun building the brand along the way.
Vanta’s mission to secure the internet has never been more prescient or more relevant. As internet businesses continue to be exposed to risk (according to Verizon’s 2022 DBIR, 82% of breaches included a human element) and the price of such breaches continues to rise (IBM estimates the average total cost of a data breach rose 10% between 2020-2021), both vendors and buyers need better ways to improve their security and prove that security to one another. Vanta is already the trusted solution for obtaining compliance standards like SOC 2 and ISO 27001, and I’m excited for our plans to extend Vanta’s product offerings for both compliance and security.
Thank you to the Vanta team and our customers who’ve established Vanta as the industry leader in automated compliance. It’s an honor to enter this next phase with you.
If you’re interested in joining our mission, check our careers page.
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PCI Compliance Selection Guide
Determine Your PCI Compliance Level
If your organization processes, stores, or transmits cardholder data, you must comply with the Payment Card Industry Data Security Standard (PCI DSS), a global mandate created by major credit card companies. Compliance is mandatory for any business that accepts credit card payments.
When establishing strategies for implementing and maintaining PCI compliance, your organization needs to understand what constitutes a Merchant or Service Provider, and whether a Self Assessment Questionnaire (SAQ) or Report on Compliance (ROC) is most applicable to your business.
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A SAQ A is required for Merchants that do not require the physical presence of a credit card (like an eCommerce, mail, or telephone purchase). This means that the Merchant’s business has fully outsourced all cardholder data processing to PCI DSS compliant third party Service Providers, with no electronic storage, processing, or transmission of any cardholder data on the Merchant’s system or premises.
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A SAQ A-EP is similar to a SAQ A, but is a requirement for Merchants that don't receive cardholder data, but control how cardholder data is redirected to a PCI DSS validated third-party payment processor.
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A SAQ D includes over 200 requirements and covers the entirety of PCI DSS compliance. If you are a Service Provider, a SAQ D is the only SAQ you’re eligible to complete.
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A Report on Compliance (ROC) is an annual assessment that determines your organization’s ability to protect cardholder data. If you’re a Merchant that processes over six million transactions annually or a Service Provider that processes more than 300,000 transactions annually, your organization is responsible for both a ROC and an Attestation of Compliance (AOC).
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Learn more about how Vanta can help. You can also find information on PCI compliance levels at the PCI Security Standards Council website or by contacting your payment processing partner.
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