Palqee raises $600,000 pre-seed rolling funding to scale its efficiency-focused privacy platform

LONDON - March 1, 2022 - PRLog -- Businesses across the globe have been struggling with evolving data protection regulations for years, so when new stricter wide-reaching rules – such as the European GDPR – came into force recently it pushed some into a last-minute dash to compliance safety, making decisions in haste which left them burdened with often overly complex, overpriced solutions.

This compliance challenge puts at risk not only the individuals whose personal information is used by companies, but the businesses themselves: since the GDPR took effect in May 2018, over 900 fines were issued across the European Economic Area (EEA) and the U.K. In recent months, GDPR fines have ramped up significantly with the total sum of fines levied in Q3 2021 hit nearly £830M—20 times greater than the totals for Q1 and Q2 2021 combined.

Enough time has now passed for those businesses to have calculated the true cost of their initial choices and to recognise the need for a change. As a result, the PrivTech sector is now one of the fastest growing in the world, reflected in start-up data protection compliance platform Palqee's 1,500% growth in the second half of 2021 alone, with 2022 looking to easily outstrip that.

Sabrina Palme (CEO), serial entrepreneur and Data Protection Officer, is one of Palqee's three founders – which also includes Andre Quintanilha (COO) and Hartley Jean-Aimee (CTO). She says: "I've been a privacy professional for many years so I know how frustrating it can be to have your choices limited to Excel or some unnecessarily complex, pricey tool, when all you really want and need is something that just makes your world of work a little easier. With privacy regulations evolving at an unprecedented rate and the responsibility to always be on top of your game in this arena being greater than ever, we believed that the time was right for a new kind of platform to address this."

Palqee was launched in January 2021 and today has over 6,000 users benefitting from a platform which offers over 400 pre-built automated assessment questions and frameworks, a customisable and automated data mapping engine, a privacy-preserving documents library, a fully customisable data subjects' portal for easy and integrated DSAR management, as well as a central privacy hub for employees, vendors and privacy professionals to collaborate seamlessly on internal tasks.

The investment round was led by early and growth stage VC fund, Fuel Ventures, and followed by Brazil's GV Angels with the participation of other high-profile investors.

More information: https://www.palqee.com