May 25, 2022

Every company should check the security details of their software vendors before signing on to the dotted line to make a purchase. This usually involves a vague non-digital process of signing a non-disclosure agreement and requesting documents such as penetration test reports and SOC-2 compliance certification. This process can slow down sales while potential customers check the seller’s security status.

Al Young, co-founder and CEO of SafeBase, said the company wants to work with sales teams to solve a historically difficult sales process. “Our goal is to increase mutual trust between seller and buyer. We are focused on getting the seller to shorten the sales cycle,” Yang explains.

He said they should consider giving their business a security summary, a way to present their attitude to security to their customer in order to make the process more proactive, transparent and ultimately increase sales. They do this by providing a stakeholder portal that guides them through all steps of a security audit in one place.

It acts as a kind of automated workflow. The first step is to sign the NDA, which can be done on the portal, getting regulatory approval and an electronic signature in one place. This will activate document verification. As the process progresses, the dashboard displays progress and what remains to be done.

Safebase Security Audit Portal.

image credit: secure base

Young said they don’t compete with SafetyScore as much as they do with SecurityScoreCard, but work with them. The security score is part of the information your company can use when evaluating supplier security, but Yang said that SafeBase provides the details behind that score.

The idea is gaining popularity. Although the company launched in 2020, Yang says more than 100 companies are already using its product and its ARR has increased 7x in the past six months. Clients include LinkedIn, Snitch and Instacart.

The startup has nearly doubled its workforce lately to 15 employees and plans to hire more with new capital. Yang said that diversity is not just a flag for a growing business, but a core value. He said that while most companies don’t keep people on staff until Series B, SafeBase has been quick to invest in that role to encourage diversity recruiting.

Massey Modi, who is in charge of the company’s marketing, says diversity starts with recruiting. “I think for us a lot of that comes from our list of candidates. We have to hire the best person for this role, but anyone can be the best person for this role. So how do we make sure we attract a wide variety of candidates? And that’s what we’re really focused on, spreading our roles across different locations and trying to recruit in a really honest way,” she explained.

The company today announced an $18 million Series A investment led by New Enterprise Associates with participation from Y Combinator and Comcast Ventures.

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