Israeli go-to-market security firm, Cheq, secured $150 million in a Series C funding round led by Tiger Global, the company announced this week.
Existing investors like Battery Ventures, Hanaco, and Phoenix Insurance participated in the round, as well as Key1 Capital, Cheq’s newest investor.
With Cheq’s newly acquired capital will be used to stimulate growth across its research and development, sales, and marketing teams. The company’s total funding has shot up to $183 million.
No company valuation was disclosed in the announcement, but Israeli financial daily Calcalist reports it has learned the company’s valuation is estimated to be at $1 billion, helping Cheq become the newest member of Israel’s unicorn club.
Founded in 2016 in Tel Aviv, CHEQ supplies cybersecurity applications rooted in AI and language processing to a variety of go-to-market teams to protect them from numerous forms of ad fraud and malicious bot traffic which could otherwise disrupt sale pipelines, marketing funnels, and eCommerce data. CHEQ’s technology helps advertisers and other companies avoid placing their ads in inappropriate online spaces to ensure they are being seen by people instead of bots. CHEQ is already used by more than 50,000 websites around the world and aims to triple its growth within the year across its key geographies throughout North America, Europe, the Middle East, Africa, and the Asia Pacific.
“We’re putting cybersecurity in the hands of go-to-market leaders, to secure their operations, marketing, sales, data and analytics from fake users, bots, and other malicious actors, who make up over 40 percent of the Internet’s traffic,” said Guy Tytunovich, CHEQ’s founder and CEO. “We’re providing GTM organizations the highest level of protection a CISO could require, without hurting the needs of the CMO, CRO, and other GTM leaders.”
“We’re excited to invest in a category leader like CHEQ, whose products are mission-critical to all businesses, regardless of industry or size, and who has achieved massive growth and scale while maintaining stellar efficiency metrics,” said John Curtius, partner at Tiger Global.