Namogoo, an Israel-based e-commerce cybersecurity technology provider backed by advertising agency Adler-Chomsky, has amassed $40m in a series C round led by investment firm Oak HC/FT, TechCrunch reported yesterday.
Venture capital firms GreatPoint Ventures and Blumberg Capital filled out the round together with Israel-focused VC fund Hanaco Ventures.
Founded in 2014, Namogoo has built software intended to prevent malicious actors from placing unauthorised ads on e-commerce portals to divert the consumer to a competitor. Such adverts are typically inserted through malware on a consumer’s device.
The platform has attracted more than 150 clients internationally, including sportswear designer Asics, catalogue retailer Argos and footwear manufacturer Teva.
The series C capital has been allocated to expanding Namogoo’s client-side platform functionality, including the launch of a feature to detect and mitigate privacy risks caused by third and fourth-party advertising networks.
Matt Streisfeld, partner at Oak HC/FT, will join the company’s board of directors in conjunction with the round.
Namogoo had previously received $15m in a May 2018 series B round that was led by Hanaco Ventures with contributions from GreatPoint Ventures, Blumberg Capital and Inimiti Capital.
GreatPoint Ventures led a $8m series A round for the company in August 2017 that also featured Blumberg Capital and Inimiti Capital. The latter two had already taken part in a $5m seed round in 2015 alongside Adler-Chomsky, Founders Guild and 83North.
