Israeli ecommerce security company Namogoo today announced it has raised $15 million in its Series B funding round led by Hanaco Venture Capital. Alon Lifshitz, general partner at Hanaco, will join the Namogoo board. Existing investors GreatPoint Ventures, Blumberg Capital and Inimiti Capital also participated in the round, bringing the company’s total funding to $29 million.
With offices in Boston and Ra'anana, Namogoo was founded in 2014 by CEO Chemi Katz and CTO Ohad Greenshpan. The company is able to identify and solve a problem costing online businesses millions in stolen revenue each year - Online Journey Hijacking. By eliminating unauthorized ads and invasive content from disrupting the customer journey, Namogoo consistently increases conversion and revenue for global online businesses like TUMI and ASICS.
The funds raised in its Series B will be used to drive adoption of its Customer Hijacking Prevention solution and to accelerate the growth of Namogoo’s new product, Digital Insights. Digital Insights analyzes all third-party services running on publisher sites and provides full visibility into their impact on site performance, privacy and business KPIs.
Lifshitz said, “Since its inception, Namogoo has successfully implemented its Customer Hijacking Prevention solution at more than 50 online global mega brands, helping them win back the revenue being stolen from their websites. Based on the team’s success in educating the eCommerce market on an unknown problem and its impressive traction with huge consumer brands, we anticipate Namogoo’s technology becoming an indispensable tool in the future of eCommerce”.
Greenshpan said, Digital Insights expands Namogoo’s client-side platform offering and introduces a disruptive solution to a problem that affects websites across verticals. “Running on end-user browsers, our platform reveals the true impact of third-party services on user experience and provides online publishers with unprecedented visibility into what’s actually running on their site."
Katz added, “We have achieved significant milestones in 2017, including establishing our US headquarters, more than doubling our team and significantly growing our customer base. This significant financing round enables us to further accelerate our expansion into new markets and verticals with solutions that positively impact site performance and give brands back control of the journey they’ve designed for their customers.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018