Bureau has successfully raised $46.2 million over multiple funding rounds, including a recent $30 million Series B round aimed at combating cyber fraud.
The platform offers comprehensive solutions for identity verification, compliance, and fraud prevention, helping businesses streamline onboarding and secure transactions. Keep reading to explore the intricacies of Bureau's fundraising journey and the investors backing this innovative platform.
What Is Bureau?
Bureau is a pioneering trust network that delivers unparalleled security and trust to businesses and consumers. Founded in 2020, the company operates from locations in India, San Francisco, and South East Asia.
Specializing in identity verification, compliance, and fraud prevention, Bureau offers a full-stack identity platform that simplifies onboarding and secures transactions. The platform is designed to help businesses manage risk, KYC, ID verification, and more.
With a team of 51-200 employees, Bureau continues to innovate in the field of fraud prevention and identity verification, making it easier for companies to serve their customers while keeping bad actors out.
How Much Funding Has Bureau Raised?
- Seed Round
- Amount Raised: $4.2 million
- Date: August 2020
- Lead Investors: XYZ Ventures, Blume Ventures, Village Global, EMVC, and Sweat Equity Ventures
- Motivation Behind the Round: To develop the platform and begin its operations.
- Series A
- Amount Raised: $12 million
- Date: December 2021
- Lead Investors: Quona Capital
- Motivation Behind the Round: To enhance products and expand its footprint in India and South-East Asia, doubling capabilities in end-to-end customer onboarding and launching solutions for account takeover prevention, transaction monitoring, and solving return-to-origin (RTO) and chargebacks use cases.
- Series B
- Amount Raised: $30 million
- Date: 2023
- Lead Investors: Not specified
- Motivation Behind the Round: To combat cyber fraud and further develop the platform's capabilities.
Total Amount Raised: $46.2 million. Current Valuation: $200 million (~estimated).
Key Investors
- Quona Capital
- Details: Quona Capital is a venture capital firm focused on fintech in emerging markets. They aim to improve financial inclusion by investing in innovative financial technology companies.
- Investment Focus Areas: Fintech, financial inclusion, emerging markets
- Notable Investments: ZestMoney, Konfio, Creditas
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in infrastructure and enablers for commerce. They support companies that are transforming the way commerce is conducted.
- Investment Focus Areas: Commerce infrastructure, retail technology, financial services
- Notable Investments: Marqeta, Bill.com, Forter
- Okta Identity
- Details: Okta Identity is the venture arm of Okta, a leading identity and access management company. They invest in startups that align with their mission of enabling secure connections between people and technology.
- Investment Focus Areas: Identity management, cybersecurity, cloud services
- Notable Investments: Auth0, Beyond Identity, Trusted Key
- Blume Ventures
- Details: Blume Ventures is an early-stage venture fund that backs startups across various sectors. They focus on providing seed and pre-series A funding to innovative companies.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Unacademy, Dunzo, HealthifyMe
- Village Global
- Details: Village Global is a network-driven venture capital firm that leverages a community of successful entrepreneurs to support startups. They focus on early-stage investments across various sectors.
- Investment Focus Areas: Technology, healthcare, education
- Notable Investments: Slack, Cruise, Andela
What's Next for Bureau?
As Bureau looks to the future, the opportunities are vast. The fraud detection and prevention market is projected to grow significantly, offering Bureau a chance to enhance its product capabilities and expand its footprint in India and South-East Asia. This growth could lead to future fundraising opportunities, enabling Bureau to further develop solutions for account takeover prevention, transaction monitoring, and chargebacks.
However, challenges lie ahead. Ensuring seamless and secure user experiences while preventing fraud is no small feat. Additionally, expanding in competitive markets like India and South-East Asia will require strategic planning and execution. Despite these hurdles, Bureau's innovative approach and strong investor backing position it well for continued success.
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