NS8, a US-based fraud prevention technology developer backed by media group Bloomberg, has received $26m in funding.
Growth equity firm Edison Partners co-led the round with Sorenson Ventures and Lytical Ventures, respective venture capital subsidiaries of private equity firm Sorenson Capital and investment firm Lytical Partners.
VC firms TDF Ventures and Hanna Ventures also took part in the round, as did unnamed additional investors. It increased the company’s overall funding to approximately $34.8m.
NS8 has built software to help e-commerce merchants protect their online businesses from transaction and advertising fraud as well as site reliability issues. The platform, NS8 Protect, uses behavioural analytics, real-time user scoring and global monitoring to expose fraud indicators.
Adam Rogas, NS8’s chief executive, said: “Thousands of businesses embrace and use our services consistently to better protect themselves against fraud, which has a significant impact on their bottom line. NS8 is enhancing the extensibility and key functional areas of our software with this funding.”
The company had previously received $7.5m in a late 2017 seed round led by Arbor Ventures and backed by TDF and Hanna. It has not disclosed previous funding but has named Bloomberg unit Bloomberg Beta as a backer along with Blu Venture Investors, NextGen Venture Partners, Mach 37, Hillcrest Venture Partners and several angel investors.