Today we are excited to announce our $22 million Series B funding round, which was led with significant investment from Microsoft’s venture capital fund, M12.
This is a major milestone for our rapidly expanding business. Here at Arkose Labs, we are not interested in growth at any cost, but ensuring that we are on a path of strategic growth and long-term success. We have been very judicious in choosing who invests in us. We look at our investors as not just folks who write us a check, but true strategic partners, and Microsoft, through M12 very much fits the bill.
As a company, our goal is to eliminate fraud, not just mitigate it. We approach the problem by undermining the underlying financial incentives for fraudsters. It’s a different approach than our competitors, and it’s one we firmly believe in. Having worked closely with Microsoft as a customer for a number of years, we know that addressing fraud long-term for the broader ecosystem is a goal we share. They are a fantastic partner, and they recognize the major opportunity we have to address organized fraud and help businesses and consumers around the globe.
As one of the world’s largest companies, Microsoft is at the forefront of the increasingly complex fight against sophisticated fraud attacks. Protecting their customers, across all their lines of business, is imperative. Arkose Labs’ technology is an important component of their multi-pronged approach to minimize fraud without negatively impacting legitimate customers, and this will continue to be rolled out across the different Microsoft businesses.
This latest funding round — which also featured participation from previous investors PayPal and USVP — will go towards R&D to further build out our award-winning platform, as well as investing in new talent for our global offices. Geographical expansion will focus on the EMEA region, as well as activity in APAC and LATAM.
This news comes on the heels of other significant milestones we have had as a company in recent months, such as nearly doubling our customer base, increasing revenue by 400%, making multiple product enhancements, and winning a series of industry awards including the Women in Cybersecurity award from Cyber Defense Magazine and CNBC’s Upstart 100 List for 2019.
It’s an exciting time at Arkose Labs. If you’re interested in learning more about our Series B funding, please click here.