- Reklaim announced financing with gross aggregate proceeds of up to $1 million; the company intends to use the net proceeds to capitalize on a favorable market environment as data privacy gains momentum
- When California introduced the California Consumer Privacy Act (“CCPA”) in 2018, it set an example for other U.S. states that followed suit, enacting their own privacy laws
- As new laws enforce additional requirements for brands and businesses regarding their data privacy practices, new opportunities will continue to emerge for companies like Reklaim
Reklaim (TSX.V: MYID) (OTCQB: MYIDF), a company focused on enabling consumers to reclaim their online information and monetize it, announces a non-brokered financing that involves a common share offering with gross aggregate proceeds of up to $1 million (https://ibn.fm/6ROPK). The company will seek to use the net proceeds for acquisition, sales growth, and general corporate purposes amid a favorable data privacy environment as an impetus on protecting data privacy gains momentum across the country.
California is upping the data privacy game for businesses that have access to consumers’ personal information as the new California Privacy Rights Act (“CPRA”) goes into effect on January 1, 2023, applying to personal data collected on or after January 1, 2022. The California Privacy Protection Agency was created to enforce these privacy laws (https://ibn.fm/5wQXq).
The new act, which supplements and amends the existing California Consumer Privacy Act (“CCPA”) of 2018, will give California-based consumers and employees the right to know who is collecting their information and who has access to it. They can correct inaccuracies, delete and transfer their personal information, and limit or prevent its use and sharing without being penalized. Finally, residents can opt-out of targeted advertising.
Companies are racing to get ready for the new data privacy reality and comply with new rules in time. For example, Snapchat is rolling out a new privacy setting designed to comply with the CPRA (https://ibn.fm/PRvcW).
Although California leads the way in the U.S. regarding data privacy regulations, these new laws are part of a nationwide trend as individual states seek to respond to consumers’ growing concerns over data privacy issues. Many states have joined California in this privacy push, including Connecticut, Colorado, Utah, and Virginia, which all passed similar privacy laws. As a result, tracking compliance with these states’ data privacy laws can be challenging (https://ibn.fm/aIr5c).
Well-positioned to support brands and businesses in their bids to prepare for the new data privacy future, Reklaim provides higher-quality, consensual and consumer-verified data. Its unique platform rewards users for sharing their data while providing verified datasets that advertisers can access for a fee. As demand for compliant consumer data continues to swell amid tightening regulations, Reklaim aims to step in as a reliable partner that works to create value for both sides of the consumer data market – from brands to consumers. Seeking to capitalize on the intensified global focus on data privacy, the aspiration of consumers to monetize their personal data, and rising commercial demands for consumer-generated insights, Reklaim appears well-positioned to benefit from the newly emerging data privacy landscape.
For more information, visit the company’s website at www.ReklaimYours.com.
NOTE TO INVESTORS: The latest news and updates relating to MYIDF are available in the company’s newsroom at https://ibn.fm/MYIDF
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