Fraud prevention technology provider Sift is now the 11th cybersecurity company to reach “unicorn” status in 2021, following a new $50 million round of venture capital funding.
Sift, which rebranded itself in January 2019 by dropping “Science” from “Sift Science,” says it plans to use the new injection of cash to continue expanding its product portfolio, as well as to hire new talent to scale product, engineering, and sales teams globally.
The San Francisco, California-based company provides organizations with the necessary tools to identify fraud patterns, helping them prevent payment fraud, account hijacking, and other forms of abuse. In 2020, Sift’s Digital Trust & Safety platform processed in excess of $250 billion in transactions.
The round was led by Insight Partners, with participation from Union Square Ventures and Stripe, and brings the total raised to date by Sift to $158 million, as well as the company’s valuation at above $1 billion.
Since November 2020, SecurityWeek has tracked 13 cyber-security companies that gained unicorn status, at a valuation above $1 billion. They include Aqua, Axonius, BigID, Coalition, Feedzai, Forter, ID.me, Lacework, Orca, OwnBackup, Socure, Venafi and Wiz.
“With this new investment we can continue to build out our Digital Trust & Safety platform to help merchants not only fight all types of fraud and abuse, but reduce friction for legitimate customers and grow revenue,” said Marc Olesen, president and CEO at Sift.
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