24-04-2025
- Business
- Business Journals
Scamnetic secures $13M Series A to combat rising digital fraud
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Tampa-based Scamnetic just raised $13 million to fight the next wave of AI-driven scams.
A Tampa-based company focused on safeguarding individuals and businesses from digital threats through advanced AI technology has secured $13 million in Series A funding, according to a release.
Scamnetic launched its AI-based scam-detection service in 2024. A release said the series A round brings the total investment in Scamnetic to $16 million.
Miami-based Roo Capital led the round; Chicago-based 1st and Main Growth Partners, D.C.-based SaaS Ventures and Baltimore-based Riptide Ventures also participated in the round.
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'We've always believed that the greatest threat to consumers isn't just fraud — it's the erosion of trust. This raise enables us to accelerate our mission: restoring confidence in a world increasingly plagued by scams," John Evans, chief operating officer, Scamnetic, said in a statement. "We're grateful for our partners who continue to collaborate with us in this critical fight, as scams remain the most reported crime globally, highlighting the tremendous market opportunity ahead."
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Al Pascual, Scamnetic CEO and co-founder.
Courtesy of Scamnetic
A release said Scamnetic plans to use the funding to fuel its growth by expanding marketing, sales, and customer support operations and accelerating its product roadmap to meet rising global demand.
'Scams are among the biggest issues facing consumers and businesses worldwide. As scams become more sophisticated with the rise of AI, the problem is proliferating at an alarming pace," Spencer Cecola, partner at Roo Capital, said in a statement. "Scamnetic is tackling this urgent challenge with a product that actually works. The world needs to fight AI with AI, and we're excited to back them with capital and hands-on support to help them scale fast and stay ahead.'
In 2024, U.S. consumers reported losing more than $12.5 billion to fraud, a 25% increase from $10 billion in 2023, according to the U.S. Federal Trade Commission. The company says it tackles threats across email, messaging apps, social media, QR codes and more.
Its tools verify identities before users send money or sensitive info, provide 24/7 expert support for scam victims and offer ongoing scam education to keep users informed and protected, a release said.
