Forter, a US-based fraud prevention technology producer backed by enterprise software provider Salesforce, received $125m yesterday in a series E round valuing it at more than $1.3bn.
Venture capital firms Bessemer Venture Partners and Felix Capital co-led the round with private investor Itai Tsiddon, participating alongside Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures.
Forter uses a large-scale data network to detect e-commerce fraud, sourcing information from online retailers and banks. The series E funds will support the growth of that network along with the addition of more features to its platform.
The round pushed the company’s funding to $225m since it was founded in 2013. March Capital Partners led a $50m series D round in 2018 that included Salesforce unit Salesforce Ventures, Sequoia Capital, Scale Venture Partners and New Enterprise Associates (NEA).
The series D came after a $32m series C round in 2016 led by Scale Venture Partners that also featured existing investors Sequoia Capital and NEA.
Michael Reitblat, Forter’s co-founder and chief executive, said: “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.”
