Irish fraud prevention startup Trustev grabs $500K

Trustev has received $500,000 in funding from Notion Capital. This investment extends Trustev’s recent $3 million seed round from investors which included Greycroft Partners, Mangrove Capital Partners and ACT Ventures. Based in Cork, Ireland, Trustev is a provider of fraud prevention solutions.

PRESS RELEASE

CORK, IRELAND – December 16, 2013 – Fraud prevention startup Trustev has announced a $500,000 investment from Notion Capital. This further extends Trustev’s October closure of a $3 million seed round from investors in the US and Europe, which included Greycroft Partners, Mangrove Capital Partners, ACT Ventures and others. The funding will be used to accelerate the development of Trustev’s world-leading anti-fraud and identity verification technology for e-commerce merchants.
After launching at TechCrunch Disrupt in New York last May, Trustev was named 2013’s top technology startup in Europe by the European Commission. Trustev has grown more than three-fold since launch and will open an office in New York City in the first quarter of 2014.
“With the support of all of our forward-thinking investors we can focus on eliminating fraud for Trustev’s clients so they can focus on serving their customers,” said Pat Phelan, Trustev’s co-founder and CEO. “The Notion Capital team founded MessageLabs, one of the largest ever exits in the European IT security market, and the firm was recently named Equity Gap Fund of the Year in the Investor Allstars awards. Their backing is a huge validation of our technology.”
According to research by eMarketer, global e-commerce sales are expected to reach nearly $1.3 trillion in 2013. Trustev’s identity verification and fraud elimination solution drastically reduces the losses e-commerce merchants currently suffer from online fraud, also allowing them to sell with confidence in countries previously deemed too high-risk.
Trustev uses a proprietary algorithmic engine to analyze and compare multiple dynamic data sources to independently verify a user’s identity on e-commerce sites. The solution’s passive authentication technologies work in the background, confirming and securing the transaction, while its active authentication technologies work to verify the user’s identity before the purchase is complete. Trustev’s solution does all of this without affecting conversion rates or checkout speed. This guarantees online merchants that they are dealing with actual customers, not fraudulent users.
“As the size of the global e-commerce market continues to grow in the trillions, we believe Trustev’s innovative solution for online merchants will be vital to eliminating fraud and opening up more countries for cross-border e-commerce sales,” said Jos White, Partner at Notion Capital.
Investors in Trustev’s $3 million seed round in October were Greycroft Partners, Mangrove Capital Partners, ACT Venture Capital, Telefónica’s Wayra, and Enterprise Ireland.
ABOUT TRUSTEV
Founded in Cork, Ireland in 2013, Trustev verifies the identity of online shoppers and fights fraud for e-commerce merchants. Trustev’s award-winning solution addresses multi-billion dollar online fraud losses from businesses around the globe, empowering retailers to do business in new markets and accept international payments without fear of fraud. In 2013, the European Commission named Trustev the top technology startup in Europe.
ABOUT NOTION CAPITAL
Notion Capital is an entrepreneur-backed venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-a-Service (SaaS) markets. The Notion partners have unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space – Star and MessageLabs. Companies within Notion’s portfolio include Brightpearl, Duedil, Idio, Rockabox, Adbrain, NewVoiceMedia, The Currency Cloud and Tradeshift.

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