NEA and Sequoia Capital back Forter
Forter has raised $15 million in Series B funding. The investors were New Enterprise Associatesand Sequoia Capital. Based in Tel Aviv, Forter is a provider of fraud prevention solutions for online merchants.
Forter, the first fraud prevention solution to offer a real-time decision engine for online merchants, today announced it has closed a $15 million Series B round from New Enterprise Associates (NEA) and Sequoia Capital. Two of the most influential figures in venture capital – Sequoia Capital’s Doug Leone and NEA’s Peter Barris participated in the inauguration of Forter’s new R&D center in Tel Aviv to address one of the growing concerns in ecommerce – fraud.
According to the latest industry-wide reports, in the last year alone, ecommerce fraud has nearly doubled, triggering $5 billion in losses for online merchants. Well-known breaches at brands like Target, Home Depot and JP Morgan, and the rise of new payment technologies such as Apple Pay and Google Wallet, reflect how fraud is becoming more pervasive and difficult to manage than ever before.
“There has been a growing interest among investors to find a comprehensive solution that truly eliminates the pains of fraud prevention for the merchant,” said Peter Barris, managing general partner at NEA. “At the advent of widespread data breaches and major technology changes in the payments space, Forter is the first company to truly innovate and change the way merchants address fraud prevention and allow them instead to focus on growing their business.”