Forter raises $125m in Series E funding to secure $1.3bn valuation
Fraud prevention firm, Forter, has raised $125 million in Series E funding, pushing its valuation to more than $1.3 billion.
Bessemer Venture Partners, Felix Capital and Itai Tsiddon led the round. Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures all participated.
Forter says the funding allows it to “establish an ecosystem of trust across online merchants, banks and payment providers”.
The firm is spending the new cash on building out its suite of solutions and its global data network. It says the network exceeds $200 billion in annual online transactions, protecting over 800 million shoppers.
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together,” says CEO Michael Reitblat.
“This year we have doubled our team across eight global offices, doubled our revenue and enjoyed our first cash flow positive quarter.”
Reitblat says his firm will remain independent as it continues to “grow our footprint across the commerce ecosystem”.
Founded in 2013, Forter has raised a total of $225 million over five funding rounds. Its last funding was a $50 million Series D round in September 2018.
Forter clients include clothing chains ASOS and Boohoo, fashion brand Hugo Boss, and software firm Adobe.