Trustev, an Ireland-based technology startup which provides e-commerce security and online fraud protection, has closed a $3m seed funding round from investors including Wayra, the business accelerator run by Spain-based telecommunications company Telefónica, Enterprise Ireland, an Irish state economic development agency, and venture capital investors Greycroft Partners, Mangrove Capital Partners and ACT Venture Capital.
Pat Phelan, Trustev co-founder and chief executive officer, said: “We’re thrilled to have such a strong pedigree of investors who believe in our technology and its proven ability to fight e-commerce fraud.”
Ian Sigalow, partner and co-founder at Greycroft Partners, said: “Trustev is solving the three biggest issues that stand in the way of the e-commerce industry’s growth: limiting manual review of card-not-present transactions, bringing online fraud rates down to the equivalent of other channels, and empowering retailers to accept international payments. We expect e-commerce to reach parity with physical retail sales over the next two decades – that is a trillion dollar shift in consumer behavior in the US, and much more globally – and Trustev is an essential part of this growth.”
Trustev was founded in 2012; in 2013, the European Commission selected Trustev as the winner of the Tech All Stars award, naming them the top technology startup in Europe.