Casey-backed Trustev seeking investors
TRUSTEV, the world's first social fingerprinting solution, has embarked on a multimillion fundraising round after only earlier this month being named the top tech start-up in Europe.
Company chief executive Pat Phelan said: "We have been approached by a large number of global VCs (venture capitalists) asking to take part in the new round and we are examining options around this." Trustev is owned by its employees including Phelan and Chris Kennedy, its chief technology officer.
Ireland's 'Mr China,' Liam Casey, founder of PCH International, a supply chain management giant, is also an investor in the company which has raised only $300,000 in seed funding to date.
Trustev product reduces online fraud which is estimated to cost retailers $20bn a year. The Cork firm, which was founded in 2012, uniquely uses social data as well as order history and behaviour to root out fraudsters using fake online identities.
Phelan said it was too early to say who would invest in his business. The former director of products and innovation at Cubic Telecom said he had meetings in the coming days in San Francisco, London and Dublin.
"It is both local and global venture capitalists. There would be very well-known global names," he said. Phelan said the new funding would allow Trustev expand rapidly and "achieve our targets and eradicate the scourge of online ecommerce fraud globally."
Trustev was named Europe's top start-up by the European Commission's Tech All Star Initiative earlier this month, prompting a surge in interest among investors looking for the next hot start-up.
It has four key advisers including Dylan Collins, the serial tech entrepreneur and Anil Hansjee, an ex-senior executive in Google. Trevor Healy, the chief executive of Amobee, the mobile ads firm bought by SingTel for $312m last year, as well as David Collier, a data scientist, are also on its advisory board.