26 November 2019:
Cybersecurity firm buguroo has raised $11 million in Series A round of funding. The funding round was led by Ten Eleven Ventures and Seaya Ventures.
Existing investors Inveready Technology Investment Group and Conexo Ventures also participated in the funding round.
The company will use the fresh capital to expand its sales and marketing efforts in these regions as well as in new geographies, with particular focus on the US, UK, France and Germany.
The company will also use the funds to accelerate new product developments.
Pablo de la Riva, Founder and CEO of buguroo, said, “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.”
Alex Doll, Managing Partner, Ten Eleven Ventures said, “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.”
Aris Xenofontos from Seaya Ventures said, “We are very excited to have the opportunity to join Pablo and the team in their journey to help any kind of organisation prevent digital fraud and become the world’s largest database of fraudster digital identities. We are looking forward to supporting them using our experience with high-growth international businesses.”
Ignacio Fonts, Managing Partner, Inveready said, “We are so impressed with buguroo’s achievements so far. This great performance allowed us to choose among top VCs, and we decided to go with Ten Eleven Ventures, best in cybersecurity. We look forward to keep helping Pablo and buguroo’s team to build a global cybersecurity company.”
Joaquim Hierro Lopes, Managing Partner, Conexo, said, “We are very proud of buguroo’s performance, testimony to the skills, passion and relentless dedication by CEO Pablo de la Riva and his team. We are as well delighted to have Ten Eleven Ventures and Seaya joining in this journey; they are the perfect companions to further expand buguroo’s international success.”
(Image – buguroo)