PSafe, the leading antivirus player in Brazil, is announcing a $30M Series D to take its security and privacy app suite to the rest of Latin America.
PSafe has been offering its free app since 2010, but switched their focus from PCs to smartphones in the wake of Brazil’s exploding smartphone market, and now have 52% of the Android market in Brazil, representing over 40 million smartphones.
PSafe founder and CEO Marco de Mello says Androids represent a full 90% of Brazil’s 70 million or so smartphones – not astonishing when you consider that Brazil is still the most expensive country to purchase an iPhone. The country’s smartphone market currently ranks fifth in the world, with 1.4 devices per internet user, represents ⅓ of the smartphone market in Latin America, and is growing faster than any other country in the region.
“People are skipping PC’s altogether, especially lower classes in Brazil,” says de Mello. “They don’t have the money for a PC, but they have to communicate, so they’re buying a smartphone.” — Marco de Mello, PSafe Founder
The $30M Series D financing, led by existing investors Qihoo 360, Pinnacle and Redpoint eVentures Brazil, makes PSafe the first mobile startup in Latin America to reach a R$1B valuation (about $320M), and will allow PSafe to expand to the rest of Latin America. De Mello says it may be PSafe’s last round of financing, and that the company is on track to be profitable in 2016.