London-based cybersecurity firm Red Sift has closed $54m (£40m) in a Series B funding round to fuel its global expansion, which includes a new headquarters in Austin, Texas.
European growth investor Highland Europe led the funding round, while other investors included Sands Capital, Oxford Capital and MMC Ventures.
Rahul Powar and Randal Pinto founded Red Sift in 2015. The company provides an integrated cloud email security and brand protection platform. It automates BIMI and DMARC processes to stop email compromise and secures domains from impersonation to stop attacks.
The company says it has doubled annual recurring revenue in the past 12 months and now has more than 700 brands among its customers, including Domino’s Pizza, Wise and ITV.
Red Sift will also use the additional capital for growth in Asia Pacific, Europe, and the Middle East. It will also increase its headcount.
Sam Brooks, partner at Highland Europe, and Michael Graninger, partner at SANDS Capital, will join Red Sift’s board of directors.
“With phishing attacks now ubiquitous, there is a necessity in the enterprise for Red Sift’s cloud security platform which prevents domain impersonation and provides inbox protection,” said Brooks.
Graninger added: “Phishing, ransomware and cyber-disruptions have become significant threats that affect every human in today’s world. Red Sift continues to be a genuine partner to its customers in countering the bad guys by offering a platform to protect organisations from multiple, varied and interconnected threat vectors.”
Red Sift has offices in the UK, North America, Spain and Australia. Last September it raised $8.8m in its Series A round bringing its total funding at the time to $69.8m.
The investment follows a record year for UK cybersecurity investment, with £1bn invested into UK companies in 2021.