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Agari Announces $40M Growth Round to Accelerate Leading Cloud Email Security Platform

Agari, the only cloud-native solution that uses predictive AI to stop
advanced email attacks, today announced it has raised $40 million in
growth capital from an investor group led by Goldman Sachs Growth
Equity, with oversubscribed participation from existing Agari investors.
Major Agari investors include Norwest Venture Partners, Scale Venture
Partners, Battery Ventures, Greylock Partners, First Round Capital and
Alloy Ventures. The new capital increases Agari’s total financing to $88
million. Olga Kaplan, a Vice President in Goldman Sachs’ Merchant
Banking Division, will join Agari’s board of directors in connection
with the investment.

“The overwhelming majority of cyberattacks still originate via email,
and are becoming increasingly sophisticated. Agari takes a fundamentally
different approach by leveraging identity modeling and machine learning
to prevent cyber attacks that legacy technologies simply do not stop,”
said Olga Kaplan. “Agari has demonstrated its unique solution enables
enterprises across all industries to significantly reduce the risk of a
successful attack. We are excited to partner with Agari’s exceptional
management team as the company continues to extend its market leadership
and its impressive track record of innovation in email security.”

This injection of Series E growth capital will catalyze Agari’s rapid
global expansion across Europe and Asia, adding to a strong base of
prominent customers including Aetna, Informatica, Neustar, Air Canada,
the U.S. Postal Service, Facebook, Microsoft, Google, and dozens more.
Agari will also strengthen its strategic worldwide channel partnership
and technology relationship programs to accelerate growth and market
share.

“As a marketplace, Upwork depends upon trusted relationships between
businesses seeking talent and the independent professionals they work
with,” said Teza Mukkavilli, Head of Information Security at Upwork.
“Even one successful phishing attack can significantly impact that trust
and Upwork’s ability to provide the safety our customers deserve.
Agari’s predictive artificial intelligence enables us to protect our
marketplace from all forms of identity-based email attacks so customers
can focus on getting more work done.”

The capital will also drive deeper investment in Agari Identity
Intelligence™—the underlying AI supporting all Agari products, with 300
million model updates per day enabled through data from trillions of
emails and billions of inboxes—and also in Agari’s pioneering domain
authentication technology based on the DMARC standard.

“Whether it’s phishing of customers or targeting executives with social
engineering, email is the communications channel for the top
cybersecurity threats impacting customers, employees and suppliers,”
said Richard Szymborski, Manager of IT Security and Risk Management, Air
Canada. “By protecting the email channel with Agari, we are improving
our security posture enormously, protecting our brand and helping our
business build trusted relationships with our customers.”

Additionally, the investment will bolster The Agari Email Trust
Platform™, a complete email security product offering that spans both
inbound and outbound messaging scenarios:

“Safeguarding against sophisticated email deception attacks and account
takeover has become a boardroom-level mandate, with business email
compromise costing companies billions of dollars each year,” said Ravi
Khatod, CEO, Agari. “The sophistication of attacks and rapid migration
to cloud-based email has disrupted the multi-billion dollar email
security market and Agari is the only cloud-native solution proven to
stop these attacks at enterprise scale. This investment led by Goldman
Sachs will fund a new, critical growth phase for Agari, as we deepen our
product, data science, and go-to-market investments to deliver success
to every Agari customer and partner globally.”

About Agari

Agari is the only cloud-native solution that uses predictive AI to stop
advanced email attacks. Winner of Best Email Security Solution by SC
Magazine in 2018, the Agari Email Trust Platform™ prevents ransomware,
ATO, phishing, BEC and other identity deception attacks, restoring trust
to digital channels for businesses, governments, and consumers
worldwide. Learn more at www.agari.com.

About Goldman Sachs Growth Equity

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global
investment banking, securities and investment management firm. Goldman
Sachs Merchant Banking Division (MBD) is the primary center for Goldman
Sachs’ long term principal investing activity. With nine offices across
seven countries, MBD is one of the leading private equity investors in
the world. Since 1986, the group has invested approximately $180 billion
of levered capital across a number of geographies, industries and
transaction types. Within MBD, Goldman Sachs Growth Equity (GS Growth)
is a dedicated platform for venture capital and growth equity
investments in leading companies that have built innovative technology
or processes to transform their industries. Since 1994, GS Growth has
partnered with more than 200 companies and invested more than $5 billion
of capital across sectors including technology, software, media,
healthcare IT, and business and information services. GS Growth seeks to
partner with strong management teams to help companies achieve product,
customer and geographic expansion. For more information about GS Growth,
please visit: www.gs.com/gsgrowth.

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