● New funding will support Red Points’ global market dominance in preventing revenue loss against online counterfeits, piracy, and impersonations.
● After 8 years of rapid growth, Red Points already serves 1,000+ clients, more than half of which in the U.S.
● The company recently became B Corp certified to keep raising awareness around the need for a safer and more sustainable Internet.
New York, NY – Red Points, the world’s most widely used platform to counter online brand abuse, announced a new $20 million funding led by IRIS alongside existing investors Summit Partners and Eight Roads. The company plans to use the new financing to accelerate the evolution of its AI-led technology suite and to strengthen its go-to-market strategy to meet growing customer demand as online fraud and brand abuse continue to escalate worldwide.
Since its first round in 2014, Red Points has raised over $76 million. Previous investors also include Mangrove, Northzone and Banc Sabadell.
Red Points scans the Internet on behalf of its clients to automatically find and take down counterfeiters, pirates, and impersonators that are, in effect, stealing revenue. The company’s comprehensive Revenue Recovery Platform offers robust online brand protection, providing visibility across online marketplaces, social media, websites, apps, and NFT platforms. Working with global brands across fashion, sports, consumer goods, homeware, finance, electronics, and software, Red Points’ customers include Hugo Boss, Electrolux, Fila, Wahl Clipper, Real Madrid, 100%, and Puma. In the last 12 months, the total value of counterfeit listings taken down by Red Points surpassed $1.7 billion.
Red Points has disrupted an industry that has historically been led by service providers, offering a scalable, cost-effective SaaS solution that automatically detects and removes intellectual property infringements online 24/7. In the midst of an online fraud boom — a trend accelerated by the COVID-19 pandemic — the company has continued to grow at a fast pace, consistently expanding its customer base and recently reaching 1,000+ corporate clients. Today, Red Points has 300 employees in offices across Europe, North America, and Asia.
Laura Urquizu, Red Points’ CEO & President, said “The U.S. Customs and Border Protection estimates that counterfeit goods cost the global economy over $500 billion a year, and this is just one of many rising threats that brands and consumers face in digital. Red Points enables companies to bring back revenue and brand equity lost to fraud, and this new funding will help us accelerate the adoption of the technologies that make it happen effectively.”
“Companies are struggling to catch up with the explosion of brand fraud and emerging forms of threats. With its unique automated and highly scalable platform, Red Points is leading the digitalization of the anti-fraud space," added Itziar Estevez Latasa, Partner at IRIS, who has joined the company’s Board of Directors, which will now count with gender parity. “We’ve been impressed with Red Points’ ability to address customers’ needs across industries by focusing on the most harmful infringements and untapping hidden fraudulent networks. We are very proud to be part of this journey”.
Last month, Red Points also became a certified B Corp company, an exclusive distinction that recognizes an organization’s rigorous social and environmental standards and its commitment to inclusion, equity, and regenerative initiatives. Through its fight against fraudulent commerce and fraud, Red Points advocates for a more just, safe, and sustainable digital world.
“Our north star is to make the Internet a safer place for brands and consumers, and I could not ask for a more committed team to keep advancing towards this objective. The way in which we implement our mission is also core to us, with values like sustainability, respect, diversity, and transparency”, concluded Urquizu.