LAS VEGAS, NV, eCommerce SaaS company that combats online fraud, announced today that it has completed a $26 million round of funding.
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NS8, a fast-growing eCommerce SaaS company that combats online fraud, announced today that it has completed a $26 million round of funding led by Edison Partners, Sorenson Ventures, and Lytical Ventures. Additional participants include: TDF Ventures, Hanna Ventures, and others.
The company's flagship product, NS8 Protect, is used by eCommerce merchants in over 50 countries to defend their online stores against transaction fraud, advertising fraud, and site reliability issues. It is the only solution that combines three offerings into a single platform. The additional capital will help NS8 continue to grow in multiple areas including product innovation, channel development and sales acceleration.
"Thousands of businesses embrace and use our services consistently to better protect themselves against fraud, which has a significant impact on their bottom line. NS8 is enhancing the extensibility and key functional areas of our software with this funding," said CEO Adam Rogas. "This is a very exciting time in the evolution of our company. We would like to thank Edison Partners and our entire investment group for sharing our vision of growth."
"Ecommerce fraud according to industry reports continues to grow almost twice as fast as eCommerce sales. This has created significant market demand from merchants for NS8's 'revenue protection' solutions. With this funding, NS8 is well poised to build on its strong revenue and bookings growth, and further innovate and scale its offerings to even larger enterprises. We are excited to partner with Adam and team in this next stage of transformative growth," said Lenard Marcus, General Partner for Edison Partners, who led the investment and joins NS8's board of directors.
NS8 Protect is available at scalable pricing to eCommerce stores through easy app installations on major eCommerce platforms, including: Shopify, Shopify Plus, Magento, WooCommerce, PrestaShop, and thirty bees. Through direct API integrations, NS8's extensible technology can also be implemented by enterprise businesses, including everything from large-scale eCommerce sites and platforms to payment service providers.
Fraud scoring by NS8 is generated by its proprietary EQ8 Scoring Engine, which processes a massive amount of analysis, in fractions of a second, to assess risk. An EQ8 Score tracks hundreds of user attributes and is leveraged by NS8 services to differentiate legitimate site traffic from low-quality visitors. NS8's frictionless scoring methodology goes beyond analyzing transaction-level attributes in its decisioning, using behavioral analytics and front-end user scoring to expose many fraud indicators left undetected by other fraud solutions.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
About Sorenson Ventures
Sorenson Ventures is a Silicon Valley and Utah-based early-stage venture capital fund focused on enterprise software and security investments. Sorenson Ventures has more than $100 million in capital under management. The fund is managed by Ken Elefant and Rob Rueckert, who have both operating experience and venture experience at Battery Ventures, Lightspeed and Intel Capital. The principals of the fund are especially known for making value add connections to Global 2000 customers and have partnered with outstanding entrepreneurs through the years.
About Lytical Ventures
Lytical Ventures, an affiliate of Lyrical Partners, is a NYC-based venture firm specializing exclusively in Corporate Intelligence, including Cybersecurity, Data and Analytics, and Artificial Intelligence. Lytical's team of professionals has decades of experience in domain-relevant, early-stage, direct investing.
Founded in 2016, NS8 began with the goal of empowering businesses to better fight the growing epidemic of online fraud. Its fraud prevention platform incorporates behavioral analytics, real-time user scoring, and global monitoring into a single solution that combats online fraud with industry-leading time to value. A graduate of the MACH37 cybersecurity accelerator program, NS8 now supports over 2,300 businesses worldwide in over 50 countries. Headquartered in Las Vegas, NS8 also has regional offices located in Florida, Michigan, California, Amsterdam, and Singapore. http://www.ns8.com