Brazil-based antivirus software developer PSafe has raised $30m in a series D round co-led by internet and antivirus company Qihoo 360, Pinnacle Ventures and Redpoint eVentures Brazil, TechCrunch reported yesterday.
PSafe supplies antivirus software for smartphones and holds a 52% share of the Android market in Brazil. That equates to a total of 40 million smartphones, in a nation with an estimated 70 million smartphones in total.
PSafe will use the series D funding to expand across the Latin American region, starting with Mexico. The company expects the round to be the last it raises before it becomes profitable in 2016.
Qihoo previously led a $30m series C round in 2013 featuring Redpoint and Pinnacle. Qihoo and Redpoint also invested an undisclosed amount in the company in 2010, but PSafe has not revealed any further details about its series A and B rounds.
Marco de Mello, founder and chief executive of PSafe, said: “Security in an electronic world is job security for us. It is forever. It will never end. We could be doing what we do at PSafe for the next 30, 40, 50 years and we would still be in the same race.”