Buguroo, a Spanish cybersecurity startup, has raised an €11 million Series A to expand its platform that detects any kind of fraudulent attack. The funding round was led by Ten Eleven Ventures and Seaya Ventures, with participation from existing investors Inveready Technology Investment Group and Conexo Ventures.
Cybercrime has evolved from a recreational activity, into an organised business. We have entered the era of the ‘CyberCrime as a Service’ (CaaS) phenomenon, in which the virtual world offers hackers the opportunity to gain profits through their activities, with teams often dedicating time to typical business development activities such as marketing and project management. Gone are the days where hackers were lone programming wolfs. The movements of fraudsters are changing, and protection against attacks must keep up.
Founded in Madrid in 2010, buguroo protects against hackers using its deep learning technology, which combines behavioural biometrics, malware detection and device assessment. Their product offering includes both the “BugFraud” and “FraudsterHunter” functionalities, the latter of which serves to identify the fraudsters already in your bank account, and to investigate how they operate in order to keep them at bay. Currently, buguroo protects over 50 million customers in Europe and Latin America as they go about their financial services, from login to logout.
The funding raised will be used in particular to accelerate the development of this “FraudsterHunter” feature, expand sales and marketing efforts in Europe and Latin America, and break into new markets such as the US, UK, France and Germany.
“With focused, regional investment in sales and marketing, we have proven the power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, Founder and CEO of buguroo.
Ten Eleven Ventures Managing Partner Alex Doll commented, “Ten Eleven Ventures is pleased to back another exciting new team using artificial intelligence to transform cybersecurity. Pablo and the buguroo team are talented innovators who have found a unique way to use AI to reduce online fraud. We are so impressed with the customer traction they have in Europe and Latin America. We look forward to helping them build a global cybersecurity company.”