Garlik Secures Further Funding in Battle Against Cybercrime

23rd April 2009

Online Identity Experts Raise Additional $2.4m Funding

Garlik, the online identity experts, have secured $2.4m (£1.6m) in Series C funding from leading venture capital firms 3i and Doughty Hanson Technology Ventures, both existing investors in the firm. Garlik's management team and existing angel investors have also contributed to this latest round of funding.

With last year's 33% leap in cybercrime activity*, as well as thousands of credit card, financial and login details being sold illegally for as little as 40p*, protecting identities has never been more important. "Garlik offers a real solution to this exponential growth in cybercrime," commented Nigel Grierson Managing Director of Doughty Hanson Technology Ventures, who has backed Garlik since 2006. "With Garlik we are investing in a rapidly growing business that really helps people to protect their critical personal and financial information in the digital world."

Since 2006, Garlik has established itself as the leading online identity experts with its DataPatrol solution, generating revenue growth of more than 300% per annum. The company has demonstrated that a combination of innovative semantic web technology and a strong revenue-generating business model is still attractive to investors, despite the current economic climate.

"The recession is fueling a worldwide explosion in cybercrime," added Tom Ilube, CEO of Garlik. "This new round of funding means that we can rapidly expand our relationships with leading banks, insurance companies, internet service providers and online retailers worldwide, enabling them to offer our award-winning protection services to their customers and help to protect them from the growing menace of financial fraud and identity theft."