Mobile security firm NowSecure, a startup that helps businesses test the safety of their apps, raised a fresh round of capital to grow its business.
Chicago-based NowSecure announced Friday that it raised $15 million in a Series B round led by ForgePoint Capital, a San Mateo, Calif.-based fund that invests exclusively in cybersecurity companies.
The round brings NowSecure's total amount of funding to date to $27 million. Its previous investors include Baird Capital, and Chicago firms JumpCapital and MATH Venture Partners.
Founded in 2009, NowSecure helps businesses identify security threats, compliance gaps and privacy issues in their mobile apps. Its customers include Capital One, The Home Depot, Kellogg's and the U.S. Marshals Service.
“Every business is becoming mobile first; yet millions of people are using apps on a daily basis that have major security and privacy issues," NowSecure CEO Alan Snyder said in a statement. "NowSecure is addressing this fundamental, global-scale problem that puts businesses and consumers at direct risk."
The funding comes as cybersecurity threats remain a constant issue for businesses, and as more security firms in Chicago have gained traction in recent years to help companies identify threats. Cybersecurity firm Trustwave was acquired in 2015 for more than $800 million and last year opened a state-of-the-art security command center downtown. Cybersecurity software firm Keeper Security, maker of a password management service, announced plans in May to add 130 new jobs in Chicago over the next six months. And Xaptum, a security startup for the internet of things, raised $3.1 million last year.
NowSecure said it will use the funding to improve its product and scale the business.
