Spanish cybersecurity company Buguroo has sold part of its shares for $.11M to new investors such as Ten Eleven Ventures and Seaya Ventures.
With this sale, it will consolidate its success in Europe and Latin America, as well as putting its focus on its global expansion.
Today, with the proliferation of online banking fraud, identifying and stopping fraudulent activity without harming the user experience is crucial.
A good illustration of this is provided by the movements in the sector's corporate finance.
Buguroo is a Spanish company founded in 2015 and headquartered in Madrid.
It offers state-of-the-art technology in online fraud detection and prevention, based on deep learning.
It combines behavioural biometrics, detection of malware and device analysis, and is the only one that protects bank users from the beginning to the end of the session from any kind of online fraud..
This includes the account creation phase, where cybercriminals create new accounts using fake identities.
This technology collects thousands of parameters related to behavioural biometrics and the customer's environment.
It is thus able to create a unique "digital profile" for each user that prevents cybercriminals from impersonating users, or manipulating them during their banking session.
By "customer behaviour" we mean, for example, phone and mouse movements, keystrokes, profiling of common devices or geolocation records.
Initially, the company tried to focus on the US market, the 'mecca' of cybersecurity, but eventually focused its efforts on Europe and Latin America.
There, buguroo currently protects more than 50 million bank customers, but expects to increase its customer base in new geographies.
To this end, last November, sold part of its shareholdings in a Series A round, for a value of $11M.
It did so to new investors such as Seaya Ventures. and Ten Eleven Ventures, although Inveready and Conexo Ventures, already present in the company, also participated.
The first is the fund led by Beatriz González, daughter of former BBVA chairman Francisco González, who is the second largest shareholder in Cabify and one of the most prominent shareholders in other Spanish companies such as Glovo and Spotahome.
The second is an American fund specialising in cybersecurity start-ups.
With the proceeds of this sale, Buguroo aims to drive innovation in the development of online fraud detection and prevention products.
With this sale, the company will also drive the development of new capabilities, including "Fraudster Hunter".
It is a pioneering and unique functionality in the industry, which identifies and tracks the behavioural patterns of cyber fraudsters and their collaborators.
This round is in addition to other significant transactions that have taken place in the last two years in Spanish companies in the cybersecurity sector.
The most notable is the sale of Alienvaultborn in Madrid and based in the United States, which was sold for about €600 million to AT&T.
This is in addition to the following:
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