Brazilian antivirus startup nabs USD30 million in Series C funding round
PSafe announced a USD30 million Series C investment round today. The funding round was led by antivirus firm Qihoo 360. Existing investors Pinnacle Ventures and Redpoint e.ventures also contributed to the funding round, according to TechCrunch.
PSafe is an antivirus startup based in Brazil. The firm's antivirus software has around 30 million installs to date. The product runs in the background and auto-updates so users don't have to worry about using the current version. In addition, PSafe offers unlimited free cloud storage for user's files. The software has an average of 20 million monthly users and has no revenue, the report detailed.
Founder and Chief Executive Officer Marco de Mello plans to use the new capital to build out the company's technology. He also plans on reaching 100 million users. Finally, the founder is designating a big portion of his new budget to awareness marketing.
De Mello said: "We need to educate users about what they're facing every day in Brazil when they pick up their Android phone or log on to Windows."