Chorley, Lancashire-based anti-fraud company Lunio has raised £14m in a Series A funding round for its digital platform that helps companies better understand cyber fraud.
Founded in 2018, Lunio is aiming to tackle the issue of fraudulent web traffic in digital advertising. The amount of bots populating the internet is at an all-time high, which can lead to falsified web traffic data that reduces the accuracy and efficacy of marketing insights.
Lunio claims its combination of cybersecurity and data analysis techniques can catch and block fake clicks on digital marketing posts across Google, YouTube, Facebook, Instagram, and other platforms that feature online advertising.
Lunio’s founder and CEO, Neil Andrew, has claimed the £14m raised marks the “largest Series A round in the digital ad fraud space to date” and is, therefore, a “strong validation of the fraud prevention platform we have developed and its success”.
Andrew added: “This funding allows us to open up significant opportunities for Lunio to gain market share and scale.”
The fresh funding was provided by Smedvig Capital Limited, with participation from angel investors in the digital advertising space, including investors from Google and Warner.
“Lunio is quickly becoming a leading player in the business-critical digital ad fraud space. We were extremely impressed with the rapid growth the Lunio team has achieved,” said Smedvig Capital partner Joe Knowles.
“It’s rare to come across a company that not only shows such strong growth and fundamentals, but has additional potential for growth in every market segment and every industry like Lunio has. We’re excited to partner with them on this journey moving forwards.”