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Total amount raised
$50.7M
Latest funding date
2024-12-18
Location
Bureau has successfully raised $46.2 million over multiple funding rounds, including a recent $30 million Series B round aimed at combating cyber fraud.
What Is Bureau?
Bureau is a pioneering risk intelligence and trust network that delivers identity verification, compliance, and fraud prevention to businesses and consumers. Founded in 2020, the company operates from locations in India, San Francisco, and South East Asia.
Specializing in identity decisioning and fraud prevention, Bureau offers a full-stack, no-code 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 operations.
- Series A (Initial Close)
- Amount Raised: $12 million
- Date: December 2021
- Lead Investors: Quona Capital
- Motivation Behind the Round: To enhance products and expand Bureau's 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. Other investors included Commerce Ventures, Okta Ventures, and strategic angels Mark Britto and Bobby Mehta.
- Series A (Extension)
- Amount Raised: $4.5 million
- Date: July 2023
- Lead Investors: GMO VenturePartners and GMO Payment Gateway
- Motivation Behind the Round: To extend the Series A and scale Bureau's global footprint, bringing the total Series A to $16.5 million.
- Series B
- Amount Raised: $30 million
- Date: December 18, 2024
- Lead Investors: Sorenson Capital
- Motivation Behind the Round: To combat the global rise in sophisticated cyber fraud, with global losses hitting $486B annually. The round also included participation from PayPal Ventures (new investor) and returning investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.
Total Amount Raised: at least $50.7 million based on disclosed funding.
Key Investors
- Sorenson Capital
- Details: Sorenson Capital is an early and growth-stage venture capital firm focused on cybersecurity and B2B software. They led Bureau's $30M Series B round in December 2024.
- Investment Focus Areas: Cybersecurity, B2B software, identity
- Notable Investments: Andromeda Security, Bureau
- Quona Capital
- Details: Quona Capital is a venture capital firm focused on fintech in emerging markets. They led Bureau's initial Series A in December 2021 and have continued to support the company through subsequent rounds.
- Investment Focus Areas: Fintech, financial inclusion, emerging markets
- Notable Investments: ZestMoney, Konfio, Creditas
- PayPal Ventures
- Details: PayPal Ventures is the corporate venture arm of PayPal, investing in companies that align with the digital payments ecosystem. They joined Bureau as a new investor in the Series B round.
- Investment Focus Areas: Fintech, digital payments, fraud prevention
- Notable Investments: Various fintech and commerce companies
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in infrastructure and enablers for commerce. They have supported Bureau from the Series A through the Series B round.
- Investment Focus Areas: Commerce infrastructure, retail technology, financial services
- Notable Investments: Marqeta, Bill.com, Forter
- Village Global
- Details: Village Global is a network-driven venture capital firm that leverages a community of successful entrepreneurs to support startups. They have backed Bureau from the seed round through the Series B.
- 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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