Shape Security Raises $51M in Growth Funding at $1B Valuation
World leader in web application protection continues rapid growth driven by strong demand for its AI-powered online fraud prevention solutions
SANTA CLARA, California, Sept. 12, 2019 /PRNewswire/ -- Shape Security, maker of the leading platform for bot and online fraud mitigation for the world's largest companies, today announced that it has raised $51 million in growth funding. The investment round was led by C5 Capital and included returning investors Kleiner Perkins, HPE Growth, Norwest Ventures Partners, Focus Ventures, JetBlue Technology Ventures, Top Tier Capital Partners, and EPIC Ventures. This new capital brings the company's total amount raised to $183 million with a pre-money valuation of $1 billion.
"This investment will help us scale our international operations and fuel our AI development," said Derek Smith, co-founder and CEO of Shape. "Our new and returning investors, coupled with our continued track record of growth, underscore our vision to protect all enterprises from fraudulent Internet transactions."
With headquarters in London and offices across Europe and the Middle East, C5 Capital's involvement will help accelerate Shape's expansion across the region. The funding will also support continued growth in North America. The late-stage investment comes during a flurry of development and growth for the company.
"Shape's growth and product innovation is unlike anything we've seen in enterprise security," said André Pienaar, managing partner of C5 Capital. "Shape already protects Internet users at scale by detecting and blocking up to 2 billion fraudulent transactions daily. This new injection of capital will further the company's global market penetration."
Shape currently 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 also serves global brands across telecommunications, ecommerce, government, travel and hospitality, insurance, and healthcare. As the world leader in online fraud prevention, the company protects more accounts from fraud than all other providers in the space combined.
"Shape is a pioneer and a proven leader in the war against all types of fraudulent internet transactions," said Ted Schlein, partner at Kleiner Perkins. "The company's technology is unmatched in its ingenuity and effectiveness. Our investment speaks to the confidence we have in its unique solution, and the vision of its leadership team."
"As JetBlue Technology Ventures invests in and partners with companies at the intersection of technology and travel, we love the opportunity to extend these partnerships into JetBlue's business and leverage game-changing technologies to improve the experience for our customers," said Eash Sundaram, chief digital and technology officer at JetBlue. "At JetBlue, safety is our top priority and that includes digital security. Our relationship with Shape is critical to providing the enterprise security and ease of use that travelers deserve and expect of us."
About Shape Security
Shape Security, based in Santa Clara, 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.
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