Incognia: Location Identity Solutions Company Raises $31 Million

By Amit Chowdhry ● Jan 31, 2024

Incognia – an innovator in location identity solutions – announced today that it closed $31 million in Series B funding led by Bessemer Venture Partners, with participation from FJ Labs and existing investors, including Point72 Ventures, Prosus, and Valor Capital. The funding will support Incognia’s continued development of cutting-edge digital identity signals along with the company’s presence in North America, Europe, and EMEA and its expansion into new verticals such as consumer internet, financial services, and e-commerce.

The company’s technology combines device fingerprinting and exact location intelligence data into one flexible risk signal that can be customized for every stage of the user journey. And since Incognia’s last funding round in June 2022, the company has achieved remarkable success, including tripling revenue, realizing 200% net revenue retention, and converting 100% of trials. Plus, Incognia has delivered six times the return on investment to its clients while saving them millions of dollars per contract on average.

Incognia’s technology includes device tamper detection with advanced location spoofing prevention, tamper-proof location verification for user identification, and frictionless account security with phishing-resistant tools. Used individually or in combination, the features drive results, including an 80% reduction in account takeovers, a 51% reduction in fake account creation, and an 84% reduction in new user abandonment.

Incognia has a dedicated team across four offices worldwide, including San Jose, CA; New York, NY; São Paulo, Brazil; and Recife, Brazil. And the company empowers safe digital experiences for global consumer internet companies in the gig economy, marketplace, and financial services industries by combining unparalleled security, privacy, and convenience.

KEY QUOTES:

“This funding from Bessemer is further recognition of our innovative approach, and their support of Incognia is particularly significant given Bessemer’s expertise in the fraud prevention industry. Bessemer has a strong track record of supporting game-changing SaaS solutions from companies like Twilio, Shopify, Toast, and Auth0, and we’re thrilled to be listed among these trailblazers in tech. This financing will allow us to deepen our product capabilities to stay at the forefront of fraud prevention and meet the growing market demand for a transparent solution capable of solving complex identity challenges.”

“While distinguishing between good and bad actors online will always be a challenge, we are focused on helping companies better address it with an identity signal that accurately recognizes users across devices with zero friction.”

– André Ferraz, co-founder and CEO of Incognia

“Incognia is quickly emerging as a market leader addressing fraud across a variety of customer segments, which is critical in today’s environment as fraudsters become increasingly sophisticated thanks to recent GenAI breakthroughs and the global proliferation of real-time payments. After years of development, André and the Incognia team have unlocked the power of highly precise location awareness coupled with best-in-class device fingerprinting to generate fraud prevention signals, unlike any other vendor in the market. We’ve been following the company for some time and are truly impressed by the team’s progress and customer impact, and we look forward to seeing them roll out their fraud prevention solutions globally.”

– Charles Birnbaum, partner at Bessemer Venture Partners