FireID gets R48m for global expansion
Local mobile security business FireID has raised €5m (about R48m) from Jersey-based capital investment firm 4D Innovative Capital (4Di Capital) International to help it expand internationally.
FireID started in 2006 and over the past few years the company has been pushing into international markets, including the US and the UK. The company’s CEO, Jenny Dugmore, says the 4Di Capital investment will help the South African business boost its growth in international markets.
“These new resources will be instrumental in accelerating our rapid growth and building on our leadership position in mobile two-factor authentication solutions,” she says.
The application created by the business generates secure one-time-passwords allowing users to log into secure systems using access tokens fed to mobile devices.4Di Capital is an early-stage capital investment company that focuses on funding high-tech businesses, primarily in Southern Africa. It focuses on software, web, media and telecommunications, from the seed funding stage onwards.
Director of 4Di Capital Erik van Vlaanderen says two-factor authentication to prevent identity theft globally is a growing market segment. “We believe that FireID, both the company and its product, is positioning itself advantageously to capture a significant share of the global market and provide a healthy return to its shareholders,” says Van Vlaanderen.