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- Forter
Forter Revenue, Valuation, Funding & Investors
Forter is valued at $3B as of May 2021, a 15.0x multiple on its last reported $200M revenue.
Last Forter valuation
$3B
Series F · May 2021
Last Forter funding round
$300M
Series F · May 2021
Forter revenue
$200M
Series F · May 2021
Key investors in Forter
Sequoia Capital
New Enterprise Associates
Scale Venture Partners
Commerce Ventures
March Capital
Tiger Global
About Forter
Forter is a New York-headquartered fraud prevention platform providing real-time decisioning engines for e-commerce merchants. Founded in 2013, it processes over $100 billion in annual GMV for clients including Sephora, Nordstrom, and Instacart. Forter's identity-based system approves legitimate transactions at scale, reducing chargebacks by analyzing 1,000+ data points per checkout without passwords or CAPTCHAs.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (May 2021)
Valuation
$3B (May 2021)
Forter Valuation
Forter is currently valued at $3B, based on its Series F in May 2021.
The $300M round was led by Tiger Global.
Forter's valuation has grown 2.3x from $1.3B at its Series E in November 2020 to $3B in May 2021, across 2 priced rounds.
Forter valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2021 | Series F | $3B | 15.0x |
| Nov 2020 | Series E | $1.3B | - |
Forter Revenue
Forter's latest recorded revenue is $200M, as of its Series F in May 2021. At a $3B valuation, that implies a 15.0x revenue multiple.
Forter revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2021 | $200M | $3B | 15.0x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Forter Funding History
Forter has raised a total of $525M across 7 funding rounds.
Forter's first fundraising round was a $3M Series A in March 2014. The most recent completed round was a $300M Series F in May 2021.
Forter funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series F | Tiger Global (lead) | $300M | $3B | Forter is an Israeli-founded e-commerce fraud prevention platform that helps retailers, e-commerce platforms, issuing banks, and payment providers fight fraud in real time. The company provides automated fraud prevention solutions designed to improve authorization rates, reduce false declines, and enhance the customer shopping experience while enabling merchants to protect revenue. In May 2021, Forter closed a $300 million Series F funding round led by Tiger Global Management, with participation from new investors Third Point Ventures and Adage Capital Management, alongside existing backers Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures, and Scale Venture Partners. The round valued the company at $3 billion post-money, nearly tripling its valuation from the prior Series E round of $125 million completed six months earlier. This made Forter the most valuable privately held company in the fraud prevention industry. CEO Michael Reitblat stated the company had doubled both revenue and annual recurring revenue in the preceding 12 months and experienced significant customer volume growth, which attracted proactive investor interest. The funding was designated for talent acquisition, technology development, and continued global expansion, including new product launches such as the Fraud Prevention Platform for Payment Service Providers announced with partners including FreedomPay, Nuvei, and Flutterwave. By the time of the Series F announcement, Forter had raised over $500 million in total capital from top-tier venture investors. |
| Mar 2021 | Angel | Kortschak Investments L.P. | $100K | - | - |
| Nov 2020 | Series E | Bessemer Venture Partners (lead); Felix Capital (lead); Itai Tsiddon (lead); NewView Capital; Scale Venture Partners; March Capital; Sequoia Capital; Julien Codorniou; Commerce Ventures | $125M | $1.3B | Forter is a real-time fraud prevention platform for e-commerce, leveraging a global data network to analyze transactions, reduce false positives by 75%, and cut fraud by 60% with fully automated decisions. On November 19, 2020, Forter raised $125 million in a Series E funding round led by Bessemer Venture Partners, Felix Capital, and Itai Tsiddon, with participation from Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital, and Commerce Ventures. The round elevated the company's post-money valuation to just over $1.3 billion, enabling expansion of its solutions suite and data network, which had doubled to over $200 billion in annual protected transactions covering 800 million shoppers. The funding came amid rapid growth, including doubling the team across eight global offices, achieving the first cash flow positive quarter, and product innovations extending protection across the e-commerce journey. Forter's platform processes 6,000 data points per transaction using AI, behavioral analytics, and cyber intelligence, particularly benefiting new users who are 5-7 times more likely to be declined elsewhere. Trusted by Fortune 500 companies and named a leader by Frost & Sullivan, Forter serves clients like Manolo Blahnik, ASOS, Boohoo, Hugo Boss, and Adobe. This Series E marked Forter's total funding at $225 million across five rounds, following a $50 million Series D in 2018. The valuation reflected surging e-commerce fraud during COVID-19, with Forter positioning as an ecosystem builder for merchants, banks, and payment providers. Later rounds included a $300 million raise at $3 billion valuation in 2021 led by Tiger Global. |
| Sep 2018 | Series D | March Capital (lead); Salesforce Ventures; New Enterprise Associates; Scale Venture Partners; Sequoia Capital | $50M | - | Forter is an e-commerce fraud prevention company founded in 2013 that provides real-time transaction approval or denial using AI, analyzing thousands of data points per transaction across device, behavior, and network signals to combat fraud, account takeover, and identity theft. It operates a global data network shared among merchants, banks, and payment providers, processing massive transaction volumes and guaranteeing approved transactions to reduce manual reviews for customers like ASOS, Hugo Boss, Adobe, Nordstrom, Instacart, and Priceline. The queried September 2018 Series D round raised $50 million with March Capital as lead investor alongside New Enterprise Associates, Salesforce Ventures, Scale Venture Partners, and Sequoia Capital, bringing total funding at that point to part of $225 million across five rounds by 2020. subsequent rounds provide context with Series E in November 2020 raising $125 million at over $1.3 billion valuation led by Bessemer, Felix Capital, and Itai Tsiddon, and Series F in 2021 raising $300 million at $3 billion led by Tiger Global. Forter's traction grew significantly post-2018, processing $250 billion in GMV in 2021 (up 2.5x from 2019) and over $2 trillion cumulatively across 500,000+ businesses and 2 billion+ consumers by later years. by 2024, it drove $9 billion in incremental customer revenue and $1 billion in cost savings with 99% retention and high NPS. The company expanded into AI tools like Forter Prism for conversational analytics and new verticals such as food service via McDonald's partnership. Forter competed in a growing fraud detection market, leveraging its data flywheel from scale for competitive edge, and achieved cash flow positivity by late 2020 while doubling team size across global offices. |
| Apr 2016 | Series C | Scale Venture Partners (lead); Sequoia Capital (lead); Arbor Ventures; New Enterprise Associates; Commerce Ventures | $32M | - | Forter is a fraud prevention platform for e-commerce that automates real-time fraud detection using cyber intelligence, behavioral, and identity analysis, offering merchants a 100% chargeback guarantee. In April 2016, Forter closed a $32 million Series C funding round led by Scale Venture Partners, with participation from existing investors Sequoia Capital and NEA (New Enterprise Associates), bringing total funding to $50 million. The funding was aimed at advancing Forter's vision of fraud-free e-commerce, turning fraud prevention into sales enablement by enabling frictionless checkouts. Since its launch in February 2014, Forter had tripled in size by the Series C. CEO Michael Reitblat emphasized removing the fear of fraud to help retailers capture more sales amid growing fraud attacks. A customer like Delivery.com reported a nearly 70% decrease in chargebacks using Forter's platform. Sources highlight industry context: annually, $200 billion in goods sales are blocked or declined, plus $70 billion lost to fraud, underscoring the need for real-time solutions especially for digital goods merchants. Funds supported product innovation, US expansion, and research emphasis, with Scale's Rory O’Driscoll joining the board. |
| Nov 2014 | Series B | New Enterprise Associates (lead); Sequoia Capital (lead); Philippe Suchet; 11.2 Capital; Commerce Ventures | $15M | - | - |
| Mar 2014 | Series A | Sequoia Capital (lead) | $3M | - | Forter, an Israeli-based e-commerce fraud prevention startup founded by Fraud Sciences executives, raised $3 million in Series A funding from Sequoia Capital on March 25, 2014. The company developed a real-time anti-fraud solution with chargeback protection, automating fraud decisions using profile data, behavioral data, and cyber intelligence to enable frictionless checkouts. Forter participated in Citigroup’s fintech accelerator in Tel Aviv. |
Who has invested in Forter?
16 investors have backed Forter across its funding rounds, including Sequoia Capital, New Enterprise Associates, Scale Venture Partners, Commerce Ventures, March Capital and Tiger Global.
Lead investors include Tiger Global, Bessemer Venture Partners, Felix Capital, Itai Tsiddon, March Capital and 3 other investors.
Forter Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Mar 2014 | ||
| 3 | Lead | Nov 2014 | ||
| 3 | Lead | Apr 2016 | ||
| 3 | Participant | Nov 2014 | ||
| 2 | Lead | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Apr 2016 | ||
| 1 | Participant | Nov 2020 | ||
| 1 | Lead | Nov 2020 | ||
| 1 | Participant | Nov 2014 | ||
| 1 | Lead | Nov 2020 | ||
| 1 | Participant | Nov 2014 | ||
| 1 | Participant | Nov 2020 | ||
This data is available for Pro users. Sign up to see all 16 Forter investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Forter
Forter has acquired 1 company to date.
Last acquisition by Forter was on January 18th 2023. Forter acquired Immue for undisclosed valuation.
Latest Acquisitions by Forter
| Description | Immue is a cybersecurity firm delivering bot mitigation through browser analytics and attacker intelligence. The Israel-headquartered solution blocks sophisticated automated threats and human fraud in e-commerce, finance, and ad tech. It deploys multi-layer detection without CAPTCHAs, protecting sites with real-time dashboards and API integrations for global enterprises. |
| HQ Country | |
| HQ City | Tel Aviv |
| Deal Date | 18 Jan 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Forter acquisitions and their M&A valuation multiples. Start Free Trial | |
Forter Competitors
Forter competitors include listed companies like Tenable and Shenzhen Intellifusion, and private ones like Dream Security, unico IDtech, Forus and Generalist AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $3B | - | ||
| Private | $100M | - | $2.6B | 26.0x | ||
| Publicly listed | $999M | $31M | $4B | 3.9x | ||
| Private | - | - | $3B | - | ||
| Private | - | - | $3B | - | ||
| Publicly listed | $200M | ($3M) | $3.1B | 14.6x |
Forter Public Comps
Forter is still privately-owned, but its public comps include Cellebrite, Shenzhen Intellifusion, Infleqtion, AvePoint, NetScout Systems, Fermi, QiAnXin, SoundHound, Intsig Information and Venustech Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $859M | $163M | 2.6x | 2.6x | 13.9x | 9.5x | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $655M | ($147M) | 4.6x | 4.5x | (20.4x) | (41.4x) | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
This data is available for Pro users. Sign up to see all Forter competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Forter
| When was Forter founded? | Forter was founded in 2013. |
| Where is Forter headquartered? | Forter is headquartered in New York City, NY, United States. |
| Is Forter publicly listed? | No, Forter is a private, VC-backed company. |
| What is Forter's valuation? | Forter was last valued at $3B in its Series F in May 2021. |
| How much funding has Forter raised? | Forter has raised $525M across 7 funding rounds. |
| What was Forter's last funding round? | Forter's last funding round was a $300M Series F in May 2021, led by Tiger Global. |
| Who are Forter's investors? | Forter's investors include Sequoia Capital, New Enterprise Associates, Scale Venture Partners, Commerce Ventures, March Capital, Salesforce Ventures, Arbor Ventures, NewView Capital, Felix Capital, Philippe Suchet and 6 others. |
| What is Forter's revenue? | Forter's latest recorded revenue is $200M (May 2021). |
| What is Forter's revenue multiple? | Forter's latest valuation implies a 15.0x revenue multiple ($3B valuation on $200M of revenue). |
| Which companies are comparable to Forter? | Companies comparable to Forter include Dream Security, unico IDtech, Tenable, Forus, Generalist AI and Shenzhen Intellifusion. |
| How many companies has Forter acquired? | Forter has acquired 1 company, including Immue. |
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