October 31, 2019 / 12:01 PM / in 8 months

Israeli ad-blocking firm Namogoo raises $40 million in private funding

JERUSALEM (Reuters) - Israeli cybersecurity and ad-blocking startup Namogoo said on Thursday it raised $40 million in a private funding round led by Oak HC/FT, bringing total funds raised to date to $69 million.

Existing investors GreatPoint Ventures, Blumberg Capital, and Hanaco Ventures also participated in the round.

The funding will be used to further expand Namogoo’s platform offerings, starting with the launch of a customer privacy protection solution, which detects and mitigates against customer privacy risks associated with third and fourth party vendors running on company websites and applications, it said.

Namogoo said that over the past year its customer base has grown by 150%, while its platform is used by more than 150 brands in over 38 countries.

It noted that in the first half of 2019 alone, Namogoo has enabled its clients to recoup more than $575 million in online revenue. 

The company has more than 100 employees in offices in Israel, London and Boston and plans to double its staff in 2020.

Reporting by Steven Scheer

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