The vision behind CHEQ’s $150M Series C
Announcements | February 22, 2022
CHEQ just raised $150M in a round led by Tiger Global
We’ve just announced a $150M raise, led by Tiger Global. Our existing partners from Battery Ventures, Hanaco and The Phoenix took part in this round as well, alongside our newest partner – Key1 Capital. Tiger’s head of software investments, John Curtius, said: “we’re excited to invest in a category leader like CHEQ, whose products are mission-critical to all businesses, regardless of industry or size, and that has achieved massive growth and scale while maintaining stellar efficiency metrics”.
A powerful vote of confidence from the world’s top VC
Tiger Global is widely considered the world’s leading investor today, ranked as the #1 VC-investor in the world by the likes of Bloomberg, CB Insights, and others. To receive an investment of this magnitude, led by an investor of this standing, is anything but trivial in today’s volatile market and economy. Top-tier investment today is leaning towards category leaders who are building big, healthy, and sustainable companies that generate significant value and are required by customers of every industry and size, and I couldn’t be prouder to say that that’s what CHEQ is today.
Being ‘mission critical’ for our partners
What I’m most proud of, is that almost every business that uses a GTM Security tool nowadays is using a CHEQ product. For instance, about 95% of businesses who use a Click Fraud Prevention tool nowadays are using our ClickCease product (as can be verified on platforms like BuiltWith.com), and that number is growing. Why is that the case? Because we work around the clock to build products that generate strategic value for our customers, that value has become an absolute ‘must have’ for them.
What is the value they see in deploying CHEQ across their GTM efforts? In one word – ‘trust’. Trust in their data, trust in their performance, trust in their pipeline, and funnels and analytics. With CHEQ, sales leaders can trust their CRM database, and their salespeople can stop having to constantly sift through dubious, junk leads. With CHEQ, data and analytics leaders can trust their BI systems to show them an accurate picture of their business, and not have to rely on data that’s been skewed by large volumes of fake traffic. With CHEQ, Marketing leaders can ensure their funnels are clean and their budgets are being put towards authenticated human users who can actually convert. And all this is done with frictionless solutions, that secure the GTM operation, without hurting the needs of the CRO, CMO, and other GTM leaders.
The investment organizations put today into their go-to-market apparatus is massive. 5% of OpEx for an enterprise-level company goes on data management and consumption alone. That’s $250M worth of investment in data, for a $5B organization. The expenditure on marketing efforts, both organic and paid. The resources put behind sales. The ever-expanding GTM tech stack, with CDP’s and DMP’s, CRM’s, BI, Marketing Intelligence and analytics tools, marketing automation software, sales engagement platforms, and more. All of these, merit an investment in a security solution, that can deliver trust and ensure these tools can do what they were intended to do, without interference from malicious, fraudulent, and suspicious users. Essentially, we’re affording GTM leaders true peace of mind, so they may sleep better at night, knowing their operation is secure from bots, malicious human users, and anyone who isn’t who they say they are.
We’re building a ‘mission critical’ category
One of the things I remind myself and my fellow CHEQers of constantly is that we’re not just building a company here. We’re building an entire category and one that is of the utmost strategic value. Like Cloud, which empowers businesses online and helps them manage and store their data. Like CRM, which enables organizations to go-to-market with all the tools they need. We’re adding a 3rd pillar to the Go-to-Market Stack – and that pillar is Security. All that investment in data, and all those resources put into sales, marketing, and operations, require a security solution – to meet their needs, to serve their goals, and to integrate with their environments.
And while cybersecurity traditionally appeals to the CISO, ‘Go-to-Market Security’ is about bringing solutions to the business units. Before CHEQ came along, security was the business of 1% of the organization. We’ve made it the business of the entire organization, or at least, the GTM organization – protecting the people and the platforms that are on the front lines.
We’re investing in massive growth and expansion
Today we have a massive, rapidly growing base of GTMSec customers, with an amazing roster of enterprise organizations that entrust their security to CHEQ. Now,
CHEQ is moving on to the next phase of its growth – a massive expansion across our key geographies and markets. We’re making Go-to-Market Security ubiquitous, a ‘must-have’ function for every organization. To do so, we’re going to be hiring at an even larger scale, and as always, we’re gunning for the best dreamers and builders out there. We’re going to be investing massively in our already world-class Product and R&D departments, to continue to bring more value to our existing (and future) customers. We’re going to invest further in market education, to ensure organizations have the know-how to tackle today’s growing threats and challenges. And finally, we’re going to invest in the future – in building more applications and capabilities that will meet the new challenges that await us around the corner, with the emergence of the Metaverse, Web3, and more.
Excited about 2022, and much more to come…
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