CYBERA has already identified 2000 problem accounts and helped to freeze hundreds of thousands of dollars linked to cybercrime. The Swiss-U.S. start-up will use new funds from a financing round to scale its solutions.
CYBERA Global Inc. has secured an additional $5M in an oversubscribed equity round led by Converge VC and New North Ventures with the participation of Founder Collective, Swiss VCs Serpentine, CV VC, and additional VCs, Angel, and private investors.
The additional funds will focus on scaling CYBERA’s solutions addressing cybercrime - a growing global issue. According to the FBI’s IC3 division, financial cybercrime cost businesses a combined $6.9 billion in 2021 – up 164% from 2020. CYBERA is on track to becoming the category-defining company enabling victims, the financial industry, and law enforcement to use innovative technology solutions to act fast against these criminals.
CYBERA was created to address two clear gaps in the market – logging and sharing victim reports and creating a global watchlist for problematic accounts. Its Cybercrime Complaint is a reporting platform to coordinate a global legal response to support victims, banks, VASPs, and law enforcement. CYBERA’s Cybercrime Watchlist, the world’s first scalable way to share actionable cybercrime information, enables financial institutions and crypto businesses to stop more fraud and money laundering even before the losses occur.
“As a former prosecutor, I have seen the impact of this issue first hand, as well as the complexities of tracking international gangs operating at high speed,” noted Nicola Staub, CEO and co-Founder of CYBERA. “We have already flagged over two thousand problematic accounts and wallets to authorities, and helped to freeze hundreds of thousands of dollars, saving a multiple of that amount in further legal and reimbursement costs.”
(Press release / SK)
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