Last NS8 valuation
$126M
Seed · Mar 2019
Last NS8 funding round
$123M
Series A · Jun 2020
Cumulative funding NS8 raised
$158M
across 6 funding rounds
Key investors in NS8
Blu Venture Investors
TDF Ventures
Edison Partners
NextGen Venture Partners
Sorenson Ventures
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Hanna Ventures
About NS8
NS8 is a Las Vegas-headquartered fraud prevention platform protecting e-commerce merchants with behavioral analytics and transaction scoring. The service integrates with Shopify and BigCommerce to block fraudulent orders in real-time, serving 10,000 stores annually. NS8's global monitoring covers 200 countries, partnering with Visa and PayPal for chargeback reductions.
Founded
2016
HQ
Las Vegas, NVWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$126M (Mar 2019)
NS8 Valuation
NS8 is currently valued at $126M, based on its seed round in March 2019.
The $26M round was led by Edison Partners, Lytical Ventures and Sorenson Ventures, with participation from Blu Venture Investors, TDF Ventures, Hanna Ventures and NextGen Venture Partners.
NS8's valuation has grown 57x from $2M at its pre-seed round in September 2016 to $126M in March 2019, across 5 priced rounds.
NS8 valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2019 | Seed | $126M |
| Nov 2017 | Seed | $26M |
| Apr 2017 | Seed | $5M |
| Jan 2017 | Seed | $4M |
| Sep 2016 | Pre-seed | $2M |
NS8 Funding History
NS8 has raised a total of $158M across 6 funding rounds.
NS8's first fundraising round was a $200K pre-seed round in September 2016. The most recent completed round was a $123M Series A in June 2020.
NS8 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2020 | Series A | AVP (lead); Lightspeed Venture Partners (lead); Sorenson Ventures; Edison Partners | $123M | - | NS8, a Las Vegas-based cybersecurity startup founded in 2016, developed a fraud prevention platform using behavioral analytics, real-time scoring, and global monitoring, integrated via Protect API for e-commerce merchants on platforms like Shopify, Magento, and BigCommerce, targeting SMBs with rapid deployment to optimize order processing and minimize risk. On June 10, 2020, NS8 closed a $123 million Series A round co-led by Lightspeed Venture Partners and AXA Venture Partners (AVP), with participation from Edison Partners and Sorenson Ventures, bringing total funding to nearly $158 million including prior notes. The company declined to disclose the valuation, though its March 2019 $16 million seed was at $100 million pre-money. Funds were allocated to accelerate product development, expand globally, and grow its partner network toward enterprise customers amid e-commerce acceleration from COVID-19. NS8 claimed 200% year-over-year annual recurring revenue growth in 2019 and profitability continuing into 2020, positioning it as a fast-growing leader. However, in September 2020, the SEC charged former CEO Adam Rogas with fraud, alleging he falsified bank statements from 2018 through June 2020 to inflate revenues, using them in offerings including this round. For a prior $50 million raise in September 2019, falsified statements showed $23.7 million revenue versus actual $5,636. No verified revenue or ARR figures for 2020 exist in sources; claims were promotional and later discredited. Rogas allegedly pocketed at least $17.5 million from investor funds, sold shares for over $17.5 million post-round, and abruptly resigned September 1, 2020, triggering layoffs of much of its 225-person staff and an internal board investigation. He faced securities fraud charges carrying up to 20 years imprisonment. Authorities probed earlier rounds like the $7.5 million seed from Arbor Ventures for similar misrepresentation via access to Bank of America accounts. |
| Mar 2019 | Seed | Edison Partners (lead); Lytical Ventures (lead); Sorenson Ventures (lead); Blu Venture Investors; TDF Ventures; Hanna Ventures; NextGen Venture Partners | $26M | $126M | NS8, a cybersecurity company, was involved in multiple Series A funding rounds amid allegations of financial fraud by its founder. Sources detail a Fall 2019 Series A round raising approximately $61 million and a Spring 2020 round raising about $73 million, totaling around $149 million across three offerings. SEC litigation reveals CEO Rogas falsified bank statements for NS8's Revenue Account starting in 2018, exaggerating customer payments and inflating reported revenue, assets, and cash balances provided to investors. For instance, in July 2019, statements falsely showed over $17 million or $12,000 actual balance, used in investor presentations leading to investments like $15 million from Investor B in Fall 2019. A March 2020 consultant report initially validated revenue based on these falsified statements. Investor materials included slide decks with false revenue numbers as early as March 2019. The company portrayed millions in revenue and cash, deceiving investors across rounds. Context includes internal 2018 discussions on low revenue around $100,000. |
| Nov 2017 | Seed | TDF Ventures; Hanna Ventures | $8M | $26M | - |
| Apr 2017 | Seed | - | $300K | $5M | - |
| Jan 2017 | Seed | Michael W. Wellman; Blu Venture Investors; Bloomberg Beta; TDF Ventures; Hillcrest Venture Partners; MACH37; NextGen Venture Partners | $900K | $4M | - |
| Sep 2016 | Pre-seed | Blu Venture Investors | $200K | $2M | - |
Who has invested in NS8?
13 investors have backed NS8 across its funding rounds, including Blu Venture Investors, TDF Ventures, Edison Partners, NextGen Venture Partners, Sorenson Ventures and Hanna Ventures.
Lead investors include AVP, Lightspeed Venture Partners, Edison Partners, Lytical Ventures and Sorenson Ventures.
NS8 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| United States | 3 | Participant | Sep 2016 | |
| Washington, DC | 3 | Participant | Jan 2017 | |
| Hanna Ventures | Los Angeles, CA | 2 | Participant | Nov 2017 |
| Salt Lake City, UT | 2 | Lead | Mar 2019 | |
| Princeton, NJ | 2 | Lead | Mar 2019 | |
| San Francisco, CA | 2 | Participant | Jan 2017 | |
| Michael W. Wellman | United States | 1 | Participant | Jan 2017 |
| San Francisco, CA | 1 | Participant | Jan 2017 | |
 Paris | 1 | Lead | Jun 2020 | |
| New York City, NY | 1 | Lead | Mar 2019 | |
| San Francisco, CA | 1 | Lead | Jun 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialNS8 Competitors
NS8 competitors include listed companies like Veritone, Heroz and tripla, and private ones like Raspberry AI, vHive and Univers.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $92M | ($74M) | $109M | 1.4x | |
| New York City, NY | Private | - | - | $150M | - | |
 Herzliya | Private | - | - | $150M | - | |
 Japan | Publicly listed | $41M | $8M | $94M | 2.1x | |
 Marbella | Private | - | - | $87M | - | |
| Japan | Publicly listed | $17M | $4M | $87M | - |
NS8 Public Comps
NS8 is still privately-owned, but its public comps include Airdoc, GrocerIQ, Voicecomm International, Veritone, Cmes Robotics, Heroz, Ever Fortune.AI, JLK, tripla and Rank One Computing.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $26M | ($3M) | 1.5x | 1.5x | (11.9x) | - | |||
| $7M | ($2M) | 18.5x | - | (80.0x) | - | |||
| $150M | $42M | 1.5x | - | 5.6x | - | |||
| $92M | ($74M) | 1.6x | 1.4x | (2.0x) | (5.1x) | |||
| $10M | ($12M) | 14.0x | - | (11.0x) | - | |||
| $41M | $8M | 2.1x | 2.1x | 11.7x | 13.7x | |||
| $12M | $4M | 12.3x | - | 36.2x | - | |||
| $2M | ($9M) | 34.9x | - | (9.1x) | - | |||
This data is available for Pro users. Sign up to see all NS8 competitors and their valuation data. Start Free Trial | ||||||||
Common questions about NS8
| When was NS8 founded? | NS8 was founded in 2016. |
| Where is NS8 headquartered? | NS8 is headquartered in Las Vegas, NV, United States. |
| Is NS8 publicly listed? | No, NS8 is a private, VC-backed company. |
| What is NS8's valuation? | NS8 was last valued at $126M in its seed round in March 2019. |
| How much funding has NS8 raised? | NS8 has raised $158M across 6 funding rounds. |
| What was NS8's last funding round? | NS8's last funding round was a $123M Series A in June 2020, led by AVP and Lightspeed Venture Partners. |
| Who are NS8's investors? | NS8's investors include Blu Venture Investors, TDF Ventures, Hanna Ventures, Sorenson Ventures, Edison Partners, NextGen Venture Partners, Michael W. Wellman, Bloomberg Beta, AVP, Lytical Ventures and 3 others. |
| Which companies are comparable to NS8? | Companies comparable to NS8 include Veritone, Raspberry AI, vHive, Heroz, Univers and tripla. |
See companies similar to NS8
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