Feroot Security closes US $11M seed financing led by True Ventures.

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By CPE News

CPE News (3.2.2022) – Feroot Security has announced the closing of tranched US $11 million in seed funding led by True Ventures with participation of Stonemill Ventures, Haystack and private investors.

In July 2021, Feroot Security announced the initial closing of US $2.5 million seed financing by cybersecurity veterans with the help of Y Combinator and several individual technology executives.

Founded by Ivan Tsarynny and Vitaliy Lim, Toronto based Feroot Security is a provider of client-side cybersecurity solutions.

Funds will be used to meet growing customer demand for client-side security solutions by accelerating product development and go-to-market initiatives.

photo credit: feroot security

News Release

Feroot Security Raises $11 Million to Protect Against Website App Vulnerabilities

Seed Funding Round Led by Silicon Valley Venture Capital Firm True Ventures

Toronto, ON – Feb 28, 2022 – Feroot Security, a leading provider of client-side cybersecurity solutions, today announced the closing of $11 million in seed funding led by True Ventures. The funds will be used to meet growing customer demand for client-side security solutions by accelerating product development and go-to-market initiatives.

Over the past year there has been a remarkable increase in security incidents focused on breaching client-side webpages and web applications. These webpages and web applications tend to get breached via marketing forms, known vulnerabilities in JavaScript, compromised third-party scripts, marketing trackers, and more. Examples include attacks on over 100 luxury real estate sites; an attack on a gaming PC and console controller company; an attack on over 200,000 customers of an online shopping service; and an attack on a widely adopted open-source JavaScript plugin.

“A shocking 98% of websites use forms to collect personal and financial data from customers,” said Ivan Tsarynny, Feroot co-founder and CEO. “Threat actors are starting to gain higher ROI from attacking unprotected client-side applications as compared to traditional server-side attacks. In order to meet the increased demand for our client-side security products we needed to find a great partner with deep experience in helping early-stage cybersecurity startups grow.”

Tsarynny and Vitaliy Lim, co-founder and CTO, received investment offers from multiple high-profile venture capital organizations and chose True Ventures as their growth partner.

“As interfaces are built in an increasingly distributed way, security challenges have only become harder to tackle,” said Puneet Agarwal, partner at True Ventures. “Ivan and Vitaliy represent a new breed of security entrepreneurs protecting these exposed surface areas. We’re thrilled to partner with them and to support their efforts in protecting user data.”

About Feroot Security
Feroot Security believes customers should be able to do business securely with any company online, without risk or compromise. Feroot secures client-side web applications so businesses can deliver flawless digital user experiences to their customers. Leading brands trust Feroot to protect their client-side attack surface. To learn more, visit www.feroot.com.

About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With more than $2.8 billion under management, True provides seed and Series A financing to entrepreneurs in today’s fastest growing markets. The True team believes creativity flourishes when founders are supported fully and empowered to pursue brave ideas. To that end, the True Platform offers programs that inspire professional and personal growth. To date, True has helped more than 300 companies launch and scale their businesses, creating over 25,000 jobs worldwide. To learn more, visit www.trueventures.com.

Press Contact:

Chris Kolling
Vice President, Marketing
Feroot Security