Source Defense secures $10.5m in its Series A+

Source Defense, a client-side web security platform, has scored $10.5m in its Series A+ round to meet rising market demands.

The extension investment was supplied by Capital One Ventures, who joins previous backers JVP, Allegis Cyber, Global Brain and NightDragon.

With the close of the round, the company hopes to accelerate its growth and enhance its client-side web security platform to meet growing customer demand.

Source Defense is a preventative cybersecurity solution which helps businesses better prevent malicious activity originating in website supply chain vendors. Its technology leverages machine learning to give clients an automated solution which controls access and permissions on a website.

Its technology protects from formjacking and Magekart attacks. A Magekart attack is where a criminal implants malicious computer code into websites and third-party suppliers with the goal of stealing sensitive information.

This investment comes after a strong period of growth for Source Defense, which culminated in it more than tripling its sales over the past 12 months.

NightDragon Security managing director Dave DeWalt said, “Over the past year, the rise in formjacking and specifically Magecart attacks have exploded, hurting enterprises globally. These client-side attacks happen undetected and outside the visibility of the typical enterprise web security suite.

“Attackers have used these techniques to steal massive amounts of customers and transactional data across industries, with particular damage to eCommerce, financial services, healthcare companies, and government agencies.”

JVP General Partner Yoav Tzruya said,  “Magecart attacks were the most impactful and dominant threat vector of 2019. Source Defense is uniquely positioned as the most effective preventative solution, providing ubiquitous security, improved compliance (primarily related to GDPR, PCI, CCPA, HIPAA), and accelerated website performance.”

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