NEW YORK, NY June 16, 2020 — Kasada, a leading web traffic security solution and services provider, today announced that it has raised $10 million in Series B funding. The New York and Sydney-based company plans to use the proceeds to fuel its continued rapid U.S. expansion and new product development. Cybersecurity venture capital specialist Ten Eleven Ventures led the round, joined by existing investors Main Sequence Ventures and Westpac’s venture capital arm, Reinventure. The company also announced that Ten Eleven’s Managing Partner Alex Doll has joined Kasada’s board of directors.
Founded in Australia by Sam Crowther in 2015, Kasada staked its claim to the U.S. market in 2019 with the establishment of its New York-based U.S. headquarters and the naming of veteran cyber industry executive Pascal Podvin as CEO. Today’s announcement will fuel Kasada’s next phase of expansion, allow Kasada to build out its sales and marketing organization and enable it to continue to invest in new product development.
Podvin described the company’s offer as “a new-generation solution that puts internet control and safety back in the hands of human beings.”
Crowther shared that, “Kasada’s solution invisibly foils even the most pernicious and often unsuspected cyber traffic problems, while preserving an effortless customer journey. Many companies use CDN or WAF, or legacy cybersecurity vendors to protect against malicious automation. When we entered the market, the norm seemed to be incomplete, inefficient, easy-to-detect tools that are not only inadequate, but also costly to deploy and maintain, as well as adding friction and latency to the user experience.” Kasada delivers a solution specifically architected to address the biggest online business challenges—data-scraping and API security for a variety of markets, including ecommerce, hospitality and financial services.
According to Kasada, its U.S. expansion is on track and the company’s revenue grew 200% in Q1 2020, in spite of COVID 19 challenges across all sectors of the economy.
As additional evidence of its traction in the U.S., Kasada cited Hyatt’s choice of their software. “At Hyatt, our purpose – we care for people so they can be their best – informs all business decisions, including our technology investments. When evaluating technology providers, we selected Kasada’s solution for its innovative architecture and its immersive 24/7 customer service that is best characterized as ‘embedded,’” said Benjamin Vaughn, Vice President and Chief Information Security Officer at Hyatt. “Their managed service solution goes beyond traditional models. As a global hospitality brand that welcomes travelers from all over the world, it’s critical that we collaborate with technology providers that understand our immediate and long-term imperatives, and we truly value the way Kasada’s product further strengthens our technology systems and platforms that our guests use every day.”
