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GGV Capital, Icon Ventures lead $25 mln funding in Synack

GGV Capital and Icon Ventures (formerly Jafco Ventures) have co-led a $25 million Series B funding round in Synack, an online security startup. Other participants in the funding round include Kleiner Perkins Caufield & Byers, Google Ventures, Greylock Partners, Allegis Capital, Derek Smith, chief executive of Shape Security, Ray Rothrock, CEO of Redseal Networks and Timothy Eades, CEO of vArmour. Synack has raised a total of $34 million to date. Glenn Solomon, managing partner at GGV Capital, and Tom Mawhinney, GP at Icon Ventures, will join Synack’s board of directors.

VC-backed IMVU hires product SVP

IMVU has named Stewart Bonn as senior vice president of product. Prior to joining IMVU, Bonn worked at If You Can where he served as chief product officer. Based in Mountain View, Calif., IMVU connects users through customizable avatar-based experiences. It is backed by Menlo Ventures, Allegis Capital, Bridgescale Partners and Best Buy Capital.

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Area 1 Security bags $2.5 mln in seed funds

Area 1 Security has closed $2.5 million in seed funding. The investors included Ted Schlein of KPCB, Cowboy Ventures, Data Collective, First Round Capital, Allegis Capital, Shape Security CEO Derek Smith and RedSeal Networks CEO Ray Rothrock. Based in Menlo Park, Calif., Area 1 Security is a provider of cyber security solutions.

KPCB leads Series A round for Synack

Synack said Thursday that it has closed $7.5 million in Series A funding. Kleiner Perkins Caufield & Byers led the round with participation from Google Ventures, Greylock Partners, Allegis Capital and Shape Security CEO Derek Smith. Based in Menlo Park, Calif., Synack is a provider of security testing solutions.

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Top security investors include unexpected names — VCJ

Security investing continues to run at high throttle, affiliated publication VCJ reports. Overall venture dollars committed to security startups dipped slightly last year, but still broke the $1 billion mark, according to data from Thomson Reuters.

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Platfora nets $38 mln

Platfora said Wednesday that it has raised $38 million in funding. Tenaya Capital led the round with participation from Citi Ventures, Cisco, Allegis Capital, Andreessen Horowitz, Battery Ventures, Sutter Hill Ventures and In-Q-Tel. Based in San Mateo, Calif., Platfora is a provider of big data analytics solutions.

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What’s driving the surge in cyber security investing

A major increase in cyber security innovation – coupled with a growing number of lucrative exits — is fueling investor interest in the sector. The expansion is likely to continue as the mounting frequency, severity and costs of corporate breaches leave enterprises little choice but to boost security spending.

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Trident Sees 3.4x Return On Solera Exit

Blue Coat System’s acquisition of Solera Networks is the latest exit of a venture-backed security company, and a lucrative one, too. Allegis Capital, an early backer of Solera, expects a return of more than 10x on its first money. Trident Capital also is turning a tidy profit.

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Solera Acquisition Highlights Promise of Cybersecurity Investments

Blue Coat Systems’ purchase of Solera Networks is not only good news for Allegis Capital, but also a healthy reminder of the major opportunity in building technology-based defenses against successful cyber attacks, writes Bob Ackerman, Allegis Capital founder and peHub guest columnist.

Allegis To Raise Special Opportunities Fund

Allegis Capital has begun raising a special opportunities fund, according to a filing with the Securities and Exchange Commission. The firm did not offer a target size for Allegis Special Opportunities Fund or list which partners will be associated with it. The fund has not yet had a closing, the document states.

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Valuations Rise, But Venture Investors Still Jazzed About Security

Private company valuations for security companies are up, but venture investors remain excited about putting to money to work. There is no secret why. Governments and corporations are under attack from cyber hacks, and IT budgets are being freed up for products and services to strengthened digital defenses.

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