Kasada, provider of the most effective and easiest way to defend against advanced bot attacks, today announced $23 million in Series C funding, bringing total investment in the company to $39 million. The funding round was led by new investor StepStone Group (which recently acquired venture capital platform Greenspring Associates), with participation from existing investors Ten Eleven Ventures, Main Sequence Ventures, Reinventure (Westpac’s venture capital arm), Our Innovation Fund, and Turnbull & Partners.
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“The effect bots have on an organization’s profitability and customer experience has become a C-level concern. Kasada has raised the expectations of what an anti-bot solution should be.”
Since its Series B funding in mid-2020, Kasada has grown its revenue by 230%. This was achieved by expanding its go-to-market capabilities, defense platform, and operations to capitalize on demand for its cybersecurity solution within the United States. Kasada now protects more than $20 billion in eCommerce annually and stops over 5 billion monthly requests left undetected by legacy systems. Additionally, more than 85% of customers worked with other bot mitigation providers prior to engaging with Kasada’s modern approach.
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Recent highlights include:
- Grew its customer base by over 80% since Series B, including the addition of new Fortune 50, S&P/ASX 50, and Russell 1000 customers.
- Increased overall headcount by 140% through investments in development and U.S.-focused sales, pre-sales, marketing, and customer support capabilities.
- Achieved 97% customer retention since inception, demonstrating the lasting value Kasada’s solution provides for customers – and the company’s dedication to customer service.
- Launched V2 of its platform, incorporating major defense upgrades, which represent the R&D work from the past 18 months. The company also achieved SOC 2 compliance.
- Received recognition from several industry sources, including the 2021 SC Awards, the Black Unicorns, the Global InfoSec Awards, the Tech Trailblazer Awards, the Cyber Security Global Excellence Awards, the Cybersecurity Excellence Awards, and TAG Cyber.
Cybercriminals are increasingly using bots to launch automated threats such as credential stuffing, web scraping, carding, and inventory hoarding against online businesses. Since the beginning of the pandemic, two-thirds of companies have seen more frequent bot attacks, while 56% have experienced new types of bot-driven fraud. The first generation of anti-bot defenses are no longer viable as bot operators understand how these defenses work and can easily evade them.
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