Pasabi, the UK Trust & Safety platform, is primed to expand its global footprint, having successfully secured a multi-million-dollar investment.
The sizeable investment comes from global technology consultancy VeUP, who deployed funds from its €100m growth pot, specifically designed to back high-potential Independent Software Vendors (ISVs) using Amazon Web Services.
Specialising in the fight against online fraud, Pasabi uses AI-powered behavioural analytics to identify and counter fraudulent behaviour and fake reviews. With the World Economic Forum estimating the fake review epidemic to influence over $152bn of global online spending annually, the threat to both businesses and consumers is considerable, and Pasabi’s solutions are increasingly crucial.
With the newly acquired funding, the Edinburgh-based company, co-founded by Chris Downie and Martin Spinks, intends to set up a series of business hubs in the US, UK, and Portugal. Moreover, this investment will facilitate the hiring of specialist staff across critical roles, including engineering, product development, sales, and marketing. In addition, Pasabi plans to develop and launch a new product version on AWS Marketplace.
Downie recently addressed the global Marketplace Risk Management Conference, warning delegates about the rising peril of online fraud and fake reviews. His presence alongside Trustpilot spokespeople emphasises Pasabi’s role as a key player in tackling this problem.
Chris Downie, CEO and co-founder, Pasabi, expressed his excitement about the opportunity, “These are incredibly exciting times for Pasabi, and this investment will allow us to turbocharge our offering, expanding our reach in the fast-growing trust and safety software market at a time when fraud attacks and fake reviews are wreaking havoc online.”
Similarly, Alexander Dick, Executive Chairman of VeUP, echoed this enthusiasm, “Pasabi is a powerhouse of technology innovation and the company’s unrivalled solution is set to make waves in the trust and safety software market.”
Notably, this isn’t the first time Pasabi has garnered investor interest, although the details of previous investments weren’t mentioned explicitly in the original text.
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