Brazil's PSafe secures funding, eyes Mexico

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Thursday, July 2, 2015

Brazilian cloud security company PSafe has received US$30mn in a new round of investments, taking its total net value to over 1bn reais (US$322mn).

The investment was led by VC firms Redpoint Ventures, Red e.ventures and Pinnacle Ventures, and by Chinese security firm Qihoo 360, according to media outlet Computer World Brasil.

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In 2013, the same companies invested another US$30mn in PSafe.

A a result of the latest funding round, PSafe said it became the first mobile app company to surpass the 1bn-real mark in value.

"In addition to providing an expansion of our activities in Brazil, this investment allows our immediate internationalization, with the structuring of our operations in Latin America," founder and CEO Marco DeMello was quoted as saying.

Mexico will be the first stop: the company plans to open an office in that country by September.

Apart from its free solutions for Android and PC platforms, the company has developed a project called SafeWifi for the installation of secure and free WiFi networks.

Currently, the initiative is available in more than 500 bars and restaurants in São Paulo and is being piloted in 250 taxis in the same city.

Plans include expanding the project to Rio de Janeiro this year and to other Brazilian state capitals in 2016, under a concept of "intelligent public transport".