Forter raises $300M on a $3B valuation to combat e-commerce fraud
E-commerce is on the rise, but that also means the risk, and occurrence, of e-commerce fraud is, too. Now, Forter, one of the startups building a business to tackle that malicious activity, has closed $300 million in funding a sign both of the size of the issue, and its success in tackling it to date.
The new funding, a Series F, values Forter at $3 billion notable not least because the funding is coming only about six months since Forter’s previous round, a $125 million Series E that valued it at over $1.3 billion.
Forter raises $300m at $3b valuation
The Israeli e-commerce fraud prevention company has nearly tripled its valuation since its last financing round six months ago.
Israeli e-commerce fraud prevention company Forter today announced that it has completed a $300 million in Series F financing round led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management. Existing investors also participated including Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
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Forter has raised the money at a valuation of $3 billion, nearly tripling its valuation over the past six months from when it raised $125 million in its Series E financing round. Forter will use the additional funding to work with retailers, e-commerce platforms, banks and payment providers to fight fraud, enhance trust, boost confidence and improve the shopper experience.
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Meet the new unicorn fighting online fraud
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Six months ago, Michael Reitblat, CEO of Forter, which provides fraud prevention technology for online commerce, moved with his wife from New York to Austin, Texas. With the pandemic, all the advantages of New York no longer exist, while the city s disadvantages are still there, he says in explaining the move.
The change has complicated Reitblat s online shopping. My bank address stayed in New York, but now my orders are coming out of Austin, and my receiving address is also in Texas. So, I suddenly appear very unusual, and many stores have rejected my orders because of that, he tells Globes .
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