Cybersecurity firm Bureau raises $30M to expand global footprint

Investing.com -- Cybersecurity startup Bureau has raised $30 million in a funding round to expand its operations into new markets. The round was led by Sorenson Capital, the firm announced on Wednesday.

The funding round, labeled as Series B, valued the company at approximately $150 million, according to an insider familiar with the transaction. Bureau's primary focus is on preventing user identity fraud.

Bureau also received participation in the funding round from PayPal (NASDAQ:PYPL )'s venture arm, PayPal Ventures, and existing investors including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.

The startup's client base, seeking to protect their business operations from cyberattacks, includes companies such as Microsoft (NASDAQ:MSFT ), UnitedHealth Group (NYSE:UNH ), and Walt Disney (NYSE:DIS ). These corporations have previously been targets of cyberattacks.

Founder-CEO Ranjan Reddy stated the company is experiencing a surge in demand and plans to bolster sales and marketing efforts to meet this demand.

The company's current customers include India's ride-hailing service provider Rapido and IDFC First Bank (NASDAQ:FRBA ). Bureau is also planning to expand its operations into Saudi Arabia, North America, and Mexico, according to Reddy.

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Source: Investing.com