The new funding will be used to expand in new geographies (Europe, US) and accelerate development of buguroo’s new products
Madrid, 27th November 2019. Madrid-based cybersecurity firm buguroo has secured $11 million in Series A funding to bring its Deep Learning based online fraud detection and prevention technology to more financial services customers.
Cybersecurity-focused venture capital firm Ten Eleven Ventures (headquartered in Silicon Valley, California) and Spain- and Latin America- focused venture capital firm Seaya Ventures (headquartered in Madrid, Spain) led the Series A round.
Currently, buguroo technology protects over 50 million financial services customers in Europe and Latin America from login to logout. With the new Series A investment, the company will expand its sales and marketing efforts in these regions as well as in new geographies, with particular focus on the US, UK, France and Germany. The funding will also be used to accelerate new capabilities developments, including buguroo’s “Fraudster Hunter.”
From login to logout, buguroo’s technology protects financial services customers from all known fraud use cases. By collecting thousands of parameters relating to the customer’s behavioral biometrics and environment, including smartphone and mouse movements, keystrokes, device profiling, and geolocation and malware records, buguroo is able to create a unique “cyber profile” for each user – a digital DNA – that stops fraudsters from impersonating financial services customers online and manipulating accounts.
With online banking fraud proliferating, identifying and stopping fraudulent activity without impacting the user experience is crucial for financial institutions worldwide.
“With focused, regional investment in sales and marketing, we have proven the
power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, Founder and CEO of buguroo.
Aris Xenofontos from Seaya Ventures commented, “We are very excited to have the opportunity to join Pablo and the team in their journey to help any kind of organisation prevent digital fraud and become the world’s largest database of fraudster digital identities. We are looking forward to supporting them using our experience with high-growth international businesses.”
buguroo was founded in Madrid in 2015 to develop cybersecurity and disruptive anti-fraud solutions, always keeping abreast of the latest market trends. Today, buguroo is the mastermind behind the most comprehensive solution for online fraud prevention known as bugFraud. Thanks to this product, banks across the globe protect their customers in real-time from all the online fraud use cases.
For more information, visit https://www/buguroo.com
About Ten Eleven Ventures
Ten Eleven Ventures is the original venture capital firm focused solely on investing in digital security. The firm invests globally and at all stages, from seed to growth (the latter via its Joint Investment Alliance with KKR). Since its founding in 2015, Ten Eleven Ventures has raised nearly $500M and invested in nineteen leading cybersecurity companies including Twistlock, Verodin, Cylance, KnowBe4, Darktrace, and Ping Identity.
For more information, visit https://www.1011vc.com.
About Seaya Ventures
Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams from Spain and Latin America since 2013. Seaya focuses on supporting founders in scaling their businesses enabling them to become global leaders.
For more information, visit https://seayaventures.com/