LONDON--(BUSINESS WIRE)--C5 Capital, the specialist venture capital firm focused on cyber security, data analytics and cloud computing, has led a $51 million financing round in Shape Security, maker of the leading platform for bot and online fraud mitigation for the world’s largest companies.
Investing alongside C5 are renowned Silicon Valley and corporate investors Kleiner Perkins, HPE Growth, Norwest Ventures Partners, Focus Ventures, JetBlue Technology Ventures, Top Tier Capital Partners, and EPIC Ventures. The new capital brings the total amount raised by Shape, founded in 2011, to $173 million with a pre-money valuation on the business of $1 billion.
Shape uses AI-powered automation and fraud detection capabilities to distinguish between human and automated traffic and defend some of the world’s largest enterprises against cyber-security initiated fraud against their online applications. Shape protects more than half of all online banking in North America as well as global brands across retail, telecommunications, government, travel and hospitality, insurance, and healthcare industries. As the world leader in online fraud prevention, the company protects more accounts from fraud than all other providers in the space combined and its technology detects and blocks up to two billion fraudulent or unwanted transactions every day.
C5 Capital’s investment comes as Shape focuses on international expansion and C5 will bring its network and experience in helping companies develop internationally to support Shape’s growth beyond the North American market and particularly in Europe where cyber fraud awareness remains lower than in the US.
The transaction marks the fourth investment for C5 Capital in 6 months and its sixth investment in the last 12 months, following its investments in in-memory grid provider Hazelcast, and Blue Cedar, a leading developer of no-code mobile app security solutions.
Shape was recently recognized as a World Economic Forum Technology Pioneer, as a CB Insights AI 100 company, and in the Deloitte Technology Fast 500™ as the fastest-growing company in Silicon Valley and the third-fastest growing company in the US.
Commenting on the investment Andre Pienaar, Managing Partner C5 Capital, said:
“We are delighted to have led this funding round and excited by our investment in Shape which has established itself as the leading online fraud prevention platform. C5 will use its considerable experience in helping companies expand globally to support Shape as it targets international growth beyond its still fast-growing North American market.”
Commenting on the investment Derek Smith, co-founder and CEO of Shape Security, said:
“This investment will help us scale our international operations and fuel our AI development. Our new and returning investors, coupled with our continued track record of growth, underscore our vision to protect all enterprises from fraudulent Internet transactions.”
About C5 Capital
C5 Capital Limited (C5) is a specialist venture capital firm, focused on Innovative Technologies in Cyber Security, Artificial Intelligence and Cloud Computing. Headquartered in London, C5 also has offices in Washington, Munich, Luxembourg and Bahrain. For more information, visit: www.c5capital.com.
About Shape Security
Shape Security, based in Mountain View, CA, invented the world’s first botwall in 2011. Today, Shape defends the world’s largest enterprises from all types of fraud against their online applications, including more than half of all online banking in North America. Shape’s fraud prevention platform detects and blocks up to 2 billion fraudulent or unwanted transactions daily, while keeping 200 million legitimate human logins and other interactions safe. Shape provides omnichannel protection for web applications, mobile applications and API interfaces; the company’s mobile SDK is deployed on more than 200 million iOS and Android devices worldwide. The company has been recognized as a World Economic Forum Technology Pioneer, as a CB Insights AI 100 company, and in the Deloitte Technology Fast 500™ as fastest-growing company in Silicon Valley and the third-fastest growing company in the U.S. To learn more, visit www.shapesecurity.com.