As Online Fraudsters Flourish, Forterâs Valuation Triples To $3 Billion In Six Months
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Fraud is not a new problem. Some historians trace it back to 300 B.C., when a Greek merchant named Hegestratos took out an insurance policy on his boat full of corn with the intent to sink it and collect the insurance money. A couple of millenia later, fraudsters are more likely to be surfing the web than the open seas.
But modern day grifters face a challenge in Forter, which has just closed an oversubscribed $300 million round of venture capital to further expand its business of detecting fraud in online transactions via machine learning. Tiger Global Management, a prolific Silicon Valley firm, led the Series F funding round, which nearly tripled Forterâs valuation to $3 billion in the half-dozen months since its prior round. Third Point Ventures and Adage Capital Management also joined Forterâs latest capital infusion, along with existing investors including Bessemer Venture Partners and Sequoia Capital.