Today Forter announced that it has closed $32 million in Series C funding which will further the development of Forter's vision of "fraud-free e-commerce" in which retailers are no longer constrained by the fear of fraud. The round was led by Scale Venture Partners, who joined Sequoia Capital (who have been investors from Forter's first, Series A, funding round and onwards) and NEA (who were also part of the Series B round).
Since launching in February of 2014, Forter has received a total of $50 million in funding and has tripled in size. The essence of the product is fully automating fraud prevention so that it becomes entirely real-time, transforming an area that has traditionally been focused on cost reduction into sales enablement - contributing to frictionless checkout and smooth customer experience.
The mission driving Forter's founders from the beginning has been the way that full automation in fraud prevention can help retailers to lift sales through creating a friction-free shopping experience. Removing the bumps that used to be a necessary cost of doing business (delays in confirmation and fulfillment due to manual reviews, false positives, demands for more information) makes customers both more satisfied and more likely to convert.
Scale Venture Partners' Rory O'Driscoll, who will be joining Forter's Board, explained the logic behind the investment: “Forter's intelligent, fully automated antifraud solution is unique. Combine real-time, automated fraud prevention decisions with a seasoned executive team and dedicated emphasis on research, and you get a company which is squarely in position to lead the change that online retailers need. Forter is an exciting addition to the Scale portfolio and we look forward to working with Michael and his team.”
Rory, who has been an active investor for the last 20 years, is a founding member and Partner at Scale Venture Partners, and has been recognized by the Forbes Midas List and AlwaysOn Power Players in Venture Capital for his investments. Forter welcomes his expertise, knowledge and experience to its Board of Directors and Advisers which already includes industry experts such as Michael Walsh, former CEO of CyberSource, and Scott Thompson, former CEO of Yahoo! and President of PayPal, and consumer products pioneer Don Kingsborough.
The level of industry expertise which characterizes Forter's Board and Advisers is also a reflection of the abilities and the breadth and depth of understanding that defines the company as a whole.
Forter unites the experience of e-commerce, payments and fraud professionals with an extremely high quality of technical prowess and analytical skill. It is also worth noting that a considerable portion of Forter's resources is devoted to a focus on research: research into consumer buying patterns, research into transaction trends, research into technical possibilities, and research into the online criminal ecosystem.
For more information about Forter's recent funding round, Forter's product or Forter's vision of frictionless fraud prevention, please contact [email protected]