Forter valued at $3 billion as online boom fuels fraud prevention tool demand

·1-min read

(Reuters) -E-commerce fraud prevention startup Forter has raised $300 million in a funding round led by hedge fund Tiger Global Management, more than doubling its valuation to $3 billion in about six months.

Adage Capital Management and billionaire-investor Daniel Loeb's Third Point Ventures also participated, Forter said on Tuesday.

Existing investors including venture capital firms Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Scale Venture Partners and Salesforce Ventures, the VC arm of Salesforce.com Inc, also took part in the latest round.

The new funds will be used to fund expansion, Forter said, as it benefits from the rapid adoption of e-commerce since the coronavirus outbreak last year.

The New York-based company, which was founded in 2013, has doubled its revenue over the last 12 months, while it exceeded $250 billion in transactions processed annually.

Forter's platform protects its customers from credit card fraud, identity theft, account takeover, among others, and its customers include upscale department store chain Nordstrom Inc and alcohol delivery service Drizly.

Separately, Snapdocs, a digital closing platform for the mortgage industry, said it raised $150 million in a round led by Tiger Global, bringing its valuation to $1.5 billion.

Tiger Global has led a flurry of funding deals in the tech startup space in recent months, including with cloud firm Redis Labs and e-commerce platform Kajabi.

(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Sriraj Kalluvila)

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