Online identity expert Garlik have raised £1.6m from returning investors 3i and Doughty Hanson Technology Ventures.
The UK internet company specializes in combating cybercrime by enabling users to manage and track what personal information about them is online.
“The recession is fueling a worldwide explosion in cybercrime,” says 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.”
Last year, online identity fraud jumped 33%, with thousands of credit card, financial and login details being sold illegally for as little as 40p.
Garlik was founded in 2005 by Mike Harris, the man behind internet bank Egg and telephone banking service First Direct, as well as Ilube – a former CIO of Egg – and Nigel Shadbolt, former president of the British Computer Society.
It received its first venture backing in April 2006 – from Doughty Hanson and 3i – and was joined by Noble Venture Finance in 2008. According to Thomson Reuters data, Garlik has raised around £17m of VC financing to date.