Trustev Nets Additional $500k in Seed Funding

Dec. 19, 2013

Antifraud technology provider Trustev this week secured a $500,000 addition to the seed round of $3 million it announced in October. The company says it deploys a combination of active and passive authentication techniques to identify buyers and validate purchases before the order is complete. Trustev, based in Cork, Ireland, launched in May and was named 2013’s top startup in Europe by the European Commission.

“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, the group responsible for the latest investment in the Irish fraud fighter.

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.