Israel-based fraud prevention technology producer Riskified raised $25m yesterday in a series B round that featured insurance provider Phoenix Insurance and mobile network operator NTT Docomo.
NTT Docomo invested through its corporate venturing subsidiary, NTT Docomo Ventures. The round was led by venture capital fund Qumra Capital and also included Genesis Partners and Entrée Capital.
Founded in 2013, Riskified has built a fraud prevention platform aimed at e-commerce companies. The technology uses machine learning algorithms, behavioural analytics and device fingerprinting to detect fraud in a way that does not impact customer experience.
Riskified received $4m in a 2014 series A round backed by Genesis Partners, Founder Collective and Entrée Capital. The same three investors also backed a $1.65m seed round in 2013 alongside Formation 8, Accelerator Group and T5 Capital.
Eido Gal, co-founder and chief executive of Riskified, said: “Riskified continues to experience unprecedented growth within the online fraud prevention industry, showing immediate improvement to retailers’ bottom line and customer experience.
“It is a win-win for global retailers. They are recouping millions in revenue from fraud loss while gaining customers that would have otherwise been rejected. Not only do we approve 66% of orders retailers plan to decline, but we also guarantee every order we approve to provide assurance and peace of mind.”