NS8 raises $123 million Series A funding to detect and protect online fraud and abuse
NS8, a Las Vegas-based cybersecurity startup focusing on online fraud detection and prevention for small-and-medium-sized businesses, today announced it has closed $123 million in venture funding to accelerate product development and expand its global reach with an increased focus on growing its vast partner network. The round was led by Lightspeed Venture Partners and AXA Venture Partners (AVP).
Lightspeed’s investment provides NS8 with access to the firm’s expansive global network, as well as a team of operators and advisors to help navigate challenges, build world-class teams, and support the company’s continued growth at all stages.
Founded in 2016 by Adam Rogas, NS8’s fraud prevention platform combines behavioral analytics, real-time scoring, and global monitoring to help merchants of all sizes optimize order processing and minimize risk. Built on the Protect API, this app integrates directly into NS8’s platform and allows merchants to begin fighting fraud within minutes.
NS8 is not Adam’s first company. Before founding NS8, Adam has founded a number of SaaS companies. He began his online endeavors as a programmer for Vegas.com he was quickly elevated to the CTO position. Upon a successful exit from Vegas.com, He founded Load.com an early SaaS provider.Most recently Adam Co-Founded Catch5 which developed IP in the Ad Fraud Prevention space. NS8 has grown from 50 to over 200 employees within the last year, and hiring continues across sales, engineering, marketing, and infrastructure since inception in 2016,
“Online fraud prevention has grown rapidly due to the acceleration of ecommerce adoption by merchants and, with it, an increased threat of those seeking to attack online stores. Merchants of all sizes need to invest in security products to ensure a safe and secure online experience,” said Bradley Twohig, Partner at Lightspeed Venture Partners. “NS8’s platform allows its partners and their merchants to stand up a full-service fraud prevention hub, in a matter of a day, across almost every ecommerce platform. The time to value is simply best in class.”
AVP has significant experience helping scale companies that leverage differentiated technology and efficient business models to drive innovation in enterprise software, fintech, consumer and digital health. With offices in North America, Europe, and Asia, AVP can also help NS8 accelerate its global expansion.
“NS8 has built a market-leading fraud detection and prevention platform combining advanced data analytics with real-time scoring. NS8’s rapid growth is a testament to the strength of the company’s product and the value NS8 delivers to its customers,” said Alex Scherbakovsky, General Partner at AXA Venture Partners and NS8 board member. “We are excited to partner with Adam and the NS8 team to scale the business globally.”
Throughout the recent global pandemic, NS8 continues to emerge as the fastest growing industry leader, with year-over-year revenue growth of 200 percent and a dedicated focus on aiding online vendors to make fraud decisions that protect their customers and their bottom line.
“Thanks to this investment from Lightspeed, AXA Venture Partners, and our full backing group, we can continue to scale to meet the growing demand for fraud prevention technology in the global marketplace,” said NS8 CEO Adam Rogas. “This partnership positions NS8 to empower even more businesses with enterprise-level fraud defenses, regardless of size or industry.”