Moonshot CVE secures £5 million Series A investment from Beringea and Mercia

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Moonshot secures $7million (£5m) to tackle online harms

Pioneering data analytics firm to invest in technology development and expand into new markets

London, Washington DC, 3 June 2021Moonshot, the data analytics company which designs new technology and methodologies to identify and mitigate online harms, today announced that it has raised US $7million (UK £5 million) in Series A funding from Beringea, the transatlantic venture capital firm, and UK-based Mercia. 

The internet is increasingly used to propagate harm, including in the preparation of terrorist acts and the proliferation of child sexual abuse content, hate speech and the abuse of women in public life.[1,2,3] Meanwhile, disinformation threatens democratic consensus and public trust in the media is at an all-time low.[4] Yet the vast majority of US adults believe the internet to be mostly a good thing for both themselves and for society.[5]

It is Moonshot’s mission to end online harms and provide vulnerable people with positive, supportive messages and services. Founded in London in 2015 by Vidhya Ramalingam and Ross Frenett, it was originally focused on countering violent extremism and terrorism. It now designs technologies and methodologies to reach people both engaging in and affected by a range of online harms, including disinformation, human trafficking, gender-based violence and child sexual exploitation and abuse. It has delivered threat monitoring and analysis, digital campaigns, tailored interventions, and a range of other services in over 57 countries and 33 languages, for governments, tech companies, and international organizations. Moonshot’s clients include the Department of Homeland Security, USAID, the US Department of State, the UK Home Office, and companies such as Facebook and Google.

Vidhya Ramalingam is Founder and CEO of Moonshot. Vidhya is recognized internationally for her role leading global responses to extremism and terrorism. Following the 2011 attacks in Norway, she was appointed to lead the European Union’s first inter-governmental initiative on far-right terrorism and extremism, initiated by the Governments of Sweden, Norway, Denmark, Finland, and the Netherlands, and launched by the EU Commissioner for Home Affairs. She regularly advises Big Tech and Heads of State on tackling white supremacy online, including recently the Prime Ministers of New Zealand and Norway. She has testified before the U.S. Congress on the global threat posed by far-right terrorism. In 2020, she was named an Obama Leader by the Obama Foundation, and has advised the Biden-Harris administration on countering white supremacist terrorism.

Ross Frenett is Founder and CEO of Moonshot. Throughout his career, Ross Frenett has worked to bring technology to bear on the issue of violent extremism. He pioneered an entirely new approach to combating violent extremism – online interventions – and has overseen pilot testing of experimental methodologies to deliver content to vulnerable individuals online. Ross previously served as Director of the Against Violent Extremism (AVE) network, a global network of former extremists, defectors and survivors of violent extremism seeded by Google Ideas. In this role, Ross supervised the setup and expansion of this program, working with hundreds of former extremists across the globe to advance efforts to deradicalize and disengage individuals at-risk of violent extremism. In June 2020, Ross was appointed the co-leader of the Communication & Narratives Working Group of the EU Radicalisation Awareness Network (RAN).

Moonshot recently safeguarded millions of internet users across the United States seeking to access extremist and conspiracy theory content in the run up to the US election and through the January 6th insurrection. It has also recently partnered with tech companies such as Facebook and Google to safeguard users seeking to access hate and extremist content on their platforms.

Moonshot, which recently opened an office in Washington, DC, will use the funding to drive international expansion, further develop its tech stack and expand operations to allow it to counter harms such disinformation and organized crime. Moonshot will additionally develop its product to provide solutions in the corporate security space. Richard Fenning, former CEO of Control Risks joins Moonshot’s board as chair, along with Karen McCormick from Beringea and Jason Warren from Mercia.

Karen McCormick, Chief Investment Officer at Beringea, commented:

“It is not often that you meet a founding team that has advised heads of state alongside Facebook and Google: in Vidhya and Ross, we are working with entrepreneurs that provide world-leading perspectives on the global trends shaping the future of online threats. As Moonshot scales its presence in Washington D.C., Beringea will be working closely with the team to leverage our transatlantic footprint and build an international success story together.”

Richard Fenning, former CEO of Control Risks, commented:

“This investment marks a key moment for both Moonshot and the fight against online harm. The coming years will see incredible opportunities to deploy technology and expertise to do enormous good in this area. It is rare to find a company where the commitment to the cause is so tightly aligned with the ambition to grow and succeed.  I am thrilled to be joining such a remarkable team of people.”

Jason Warren, Investment Director at Mercia, commented:

“Misinformation and online extremism are complex issues without an easy answer, yet tackling this new breed of online threats has never been more important. We were impressed from day one by Moonshot’s unique blend of subject matter expertise and technical understanding, and are delighted to be partnering with Vidhya and Ross in their mission to help governments and corporates counter online harms.” 

Vidhya Ramalingam, Founder and CEO of Moonshot, commented:

“What makes Moonshot unique is the boldness of our mission, combined with our unfailing commitment to civil liberties, and to the people who are most affected by online harms. There has never been a more important moment for us to scale our mission. We look forward to demonstrating the true value proposition of fighting online harms armed with evidence and ethics as the guiding principles.” 

Ross Frenett, Founder and CEO of Moonshot, commented:

“Moonshot is a new type  of company. We don’t see social good as an added extra, something for the occasional away-day or well meaning platitude. Solving the world’s hardest and most complex problems sits at the core of our business model.

In Mercia and Beringea we have found investors who share that vision for a better world. Our team are energised about using this investment to help millions of people avoid extremism, human trafficking and disinformation.”

About Moonshot

Moonshot is a global enterprise working to end online harms, applying evidence, ethics and human rights. We design new methodologies and technologies to respond effectively to harms that threaten public safety, including violent extremism, gender-based violence, disinformation, and serious organised crime. We deliver services in over 50 countries to reduce violence and reach people engaging in or affected by online harms.

About Beringea

Beringea is a transatlantic venture capital investor that seeks to create lasting success for rapidly scaling entrepreneurial companies. It currently manages over $750m in funds and more than 60 portfolio companies across the U.K., Europe and North America. 

With offices in London and Detroit, it provides patient capital and a global footprint to back founders throughout their journey, helping them overcome barriers to scale and build international success stories.

Its track record of three decades of successful investing across sectors including retail, software, media and artificial intelligence has inspired its own entrepreneurial ethos; cultivated an exceptional community of entrepreneurs and investors; and fostered the experience required to create substantial businesses and deliver value for shareholders in its funds.

For information on our UK investment activities, email [email protected] or visit www.beringea.com.

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£872million of assets under management and, since its IPO in December 2014, has invested c.£106million gross into its direct investment portfolio.

 The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries:

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560

[1]“All five terrorist attacks in the UK during 2017 had an online element”, Speech at Digital Forum (2018). San Francisco by the Rt Hon Amber Rudd, 13 February 2018[2] Internet Watch Foundation, Trends & Data 2020, UK-hosted child sexual abuse, undated[3]The Wilson Center and Moonshot CVE, Malign Creativity: How Gender, Sex, and Lies are Weaponized Against Women Online, January 2021[4]Reuters Institute, Digital News Report 2020, p62[5]Pew Research Center, Declining Majority of Online Adults Say the Internet Has Been Good for Society, April 2018

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Safiya Marzook

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