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Anti-Fraud Bot Protection Firm Kasada Bags $23 Million Investment

Web traffic protection provider Kasada on Monday announced it has raised $23 million in Series C funding. To date, the company has raised $39 million.

The new funding round was led by new investor StepStone Group. Existing investors Main Sequence Ventures, Reinventure, Our Innovation Fund, Ten Eleven Ventures, and Turnbull & Partners also participated.

Founded in 2015, Kasada sells anti-bot fraud protection software that blocks more than 5 billion fraudulent monthly requests.  

Kasada said the new investment will be used to expand and accelerate sales in the United States and further grow development, marketing, and support departments. Since its Series B funding round, the company increased its headcount by 140 percent.

According to the Sydney, Australia-based startup, most organizations have seen an increase in bot attacks since the beginning of the pandemic, with more than half observing new types of bot-driven fraud in the wild.

The company says its anti-bot technology, which leverages data analysis and machine learning to stop automated attacks in real-time, can easily adapt to new assaults to remain relevant as bot operators change tactics.

“At Kasada, we’ve set out to make application security much easier to implement and use, while also improving its effectiveness. We’ve ensured that security doesn’t get in the way of the customer experience, by eliminating friction such as CAPTCHAs that hurt online conversions - and your brand,” Sam Crowther, founder and CEO of Kasada, said.

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