KaVaDo Inc., the leading technology provider of Web application protection solutions also newly established in UK and Europe, today announces that it has completed its most recent round of venture capital funding, resulting in a total of .8 million.
3i, a leading international venture capital firm, led the round with Banc of America Equity Partners also a large contributor. KaVaDo will use the funds to continue its plan of aggressive, strategic growth in the rapidly expanding Web application protection market.
“Conducting business on the Web today requires a balanced security plan including security measures at the network, host and - most importantly - the application layer. Yet there is a void in the market where high-performance, flexible application-focused security solutions are concerned. KaVaDo is meeting that need,” said the company’s European sales director Terry Schoen. “The financial backing from 3i and Banc of America Equity Partners helps us to further establish our sales and channel efforts to meet a growing demand.”
John Edington, investment manager at 3i, said: “3i supports quality management with innovative products in growing markets across the world. This further round of funding in KaVaDo exemplifies 3i’s long-term support of an excellent business, with a high calibre management team and with a unique application security software that is an innovative and exciting solution that advances the evolution of new security technologies and standards.”
“With security concerns moving to the top of the priority list for companies across virtually every industry, KaVaDo’s Web application protection solution is an indispensable part of any complete online security solution,” said Edward McCaffrey, chief investment officer at Banc of America Equity Partners.
KaVaDo will use the funding to expand its sales team and reseller network and to increase its marketing initiatives in the United States, Europe and Asia. The company recently revealed the first phase of a push into Europe and the opening of a new regional headquarters in London.
Further editorial information:
KaVaDo Europe: Terry Schoen – 0207 604 4466
Sage Partnership: Kevin Fiske – 0118 9344007
KaVaDo provides next-generation Web application protection solutions and vulnerability assessment products for the corporate market using its patent-pending Protected Path™ technology. The company’s European centre is in London, global headquarters in New York, and research and development facilities in Tel Aviv. KaVaDo’s initial funding round was led by Neurone Ventures, an Israel-based venture capital company backed in part by Banc of America Equity Partners.
More information on the company can be found at http://www.kavado.com
3i brings capital, knowledge and connections to the creation and development of businesses around the world. It invests in a wide range of opportunities from start-ups to buy-outs and buy-ins, focusing on businesses with high growth potential and strong management. 3i invests in businesses across three continents through local investment teams in Europe, Asia Pacific and the US.
More information on the company can be found at http://www.3i.com
Through focused US and international units, Banc of America Equity Partners (BAEP) provides direct equity and related investment capital to companies at all stages of the business cycle – from start up to buyout. It provides specialised expertise to help portfolio companies across a spectrum of sectors realise competitive advantages and target superior returns. As the primary provider of private equity for Bank of America, BAEP manages capital of US .0 billion globally, making it one of the largest private equity portfolios in the banking industry. In addition to its Chicago headquarters, the group has offices in Charlotte, NC, Dallas, TX, Foster City, CA, London, Milan, Frankfurt, Warsaw, Hong Kong, Singapore, Mumbai (Bombay), Tokyo, Sao Paolo and Buenos Aires.
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