Israeli e-commerce fraud prevention company Riskified announced today that it has raised $33 million in a financing round led by Israeli-based Pitango Growth, with Capital One Growth Ventures, Groupe Arnault, the controlling shareholder of LVMH, and C4 Ventures. Existing investors also joined the round. The company, The company, which was founded by CEO Eido Gal and CTO Assaf Feldman, raised $25 million last year, and has raised $64 million to date.
Riskified plans to use the funds to accelerate market penetration, solidify its position as the market leader and serve new merchants internationally.
Riskified’s machine learning algorithm, proprietary behavioral analytics and the amplifying effect of its wide network protect merchants from fraud while maximizing their revenue. Retailers including Foot Locker, Simplehuman, Macy’s and many more rely on Riskified to provide a better customer experience while lowering overhead. Riskified has reviewed hundreds of millions of transactions and approved billions of dollars of revenue for merchants across virtually all industries, including a number of Fortune 500 companies.
Gal said, "It’s impossible to overstate how much better Riskified has become in the five years since we launched chargeback-guarantee fraud prevention. But we can’t rest on our laurels. We’ve gotten smarter, but so too have the fraudsters. These investments will help us continue to grow, staying ahead of our competition, outsmarting eCommerce fraud and helping our merchants build successful businesses."
Aaron Mankovski, managing general partner at Pitango Growth, will be joining Riskified’s board of directors. He said, "Fraud management has reached a point where in-house solutions are not good enough to protect eCommerce sites," said Mankovski. "Network solutions like Riskified are becoming a must-have for eCommerce merchants. After thorough research, we have come to the conclusion that Riskified is the most innovative and best anti-fraud solution on the market, and we are proud to invest in its disruptive technology and exceptional team."
Investors including Qumra Capital, The Phoenix Insurance Company, Genesis Partners and C4 Ventures, featuring former Apple executive (NASDAQ: AAPL) Pascal Cagni, participated in the funding.
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2017
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