Forter Becomes Unicorn After $125 Million Series E Funding Round
E-commerce fraud prevention company Forter announced on Thursday that it has achieved “unicorn” status after raising $125 million in a Series E funding round.
The firm previously raised $100 million and after the latest funding round it has been valued at $1.3 billion.
Forter provides an identity-based solution that is designed to detect fraudulent activity in real time. The platform leverages predictive fraud research and modeling, as well as a global data network to identify attempts of payment card fraud, identity theft and account takeover.
The company says it has protected the transactions of 800 million consumers around the world and claims its customers have reported a 60% reduction in fraud. Customers include Adobe, Sephora, Instacart, Nordstrom and Priceline.
The Series E funding round was led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon, with participation from Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures. The company plans on using the money to continue expanding its suite of solutions and its global data network.
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together. We continue on our mission to expand the online network of trust and will continue investing in our platform in collaboration with our customers and partners,” said Michael Reitblat, CEO and co-founder of Forter.
“This year we have doubled our team across eight global offices, doubled our revenue and enjoyed our first cash flow positive quarter. The market traction we have experienced allows us to invest even more into our platform and drive more significant impact for our customers and partners. We will remain an independent company as we continue to grow our footprint across the commerce ecosystem,” Reitblat added.