Riding Momentum from its Initial Funding Round Earlier this Year, Shield Announces $20 Million Series B Capital Raise
TEL AVIV, Israel and NEW YORK, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Shield today announced its $20 million Series B financing round, which was led by Macquarie Capital and joined by UBS through its venture and innovation unit UBS Next, Mindset Ventures and OurCrowd.
Following its $15 million Series A round in early 2022, Shield’s rapid year-over-year growth and market demand leading to a constantly growing pipeline drove this latest funding. With more than 100 employees, Shield will use funds from its Series B financing to further grow in existing markets and expand into new ones, including the US. The firm is also opening its second R&D facility in Lisbon, Portugal, and will also use the capital to propel its leadership in innovation, as it continues the development of its leading financial compliance platform.
To increase efficiency and help meet regulatory compliance standards, leading global financial institutions have deployed Shield to monitor and manage their electronic communiation data.
“We’re thrilled to be able to begin work with UBS on multiple levels – as a client and now as an investor in our latest funding round,” said Shiran Weitzman, CEO and Co-founder of Shield. “This is further proof that there is an immediate market need for a modern, proactive solution that supercharges surveillance across communication channels and that Shield is well-positioned to meet that need.”
Macquarie Capital, Shield’s largest investor and the lead investor for the Series B financing round, Mindset Ventures and OurCrowd are all joining the latest round after initial investment in Shield’s Series A. Shield has now raised a total of $35 million in 2022.
“We strongly believe in the value Shield can bring to financial organizations and Macquarie is pleased to continue supporting Shield as it delivers real benefit to an increasing range of customers, said David Standen at Macquarie Capital. “Shield’s impressive growth over the past year has been driven by the need for a leading-edge platform which can be rapidly implemented, and our latest investment confirms our belief in the company’s plans for further market expansion.”
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/00837779-feda-4824-bc8e-0026d679395b
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