CyberSmart has announced the completion of an over-subscribed Series ‘A’ funding round, bringing the total raised to over $10 million. This funding will be used to enhance the company’s product’s capabilities further, invest in channel partnerships as well as scale into the UK and beyond.
CyberSmart’s online platform can automatically assess personal and company devices in real-time, alerting users when security and compliance standards have not been met. SMEs can ultimately benefit from 24/7 monitoring and protection, government-grade assurance via Cyber Essentials certification and ongoing support with training, compliance, policies and procedures.
CyberSmart is collaborating with a number of insurance companies and corporate partners across Europe, including Aviva and Starling, to ensure SMEs are protected and covered, whilst benefiting from reduced insurance premiums and policy excesses.
“The amount of support we have received thus far is humbling, and just goes to show the gap there is in the market for our offering. Cybersecurity solutions are often tailored to large enterprises with extensive teams and resources, whilst SMEs are left behind. With the help of our investors, we are challenging this mentality,” said Jamie Akhtar, CEO and co-founder of CyberSmart.
“Staying true to our mission of empowering SMEs to tackle cybersecurity is paramount. As such, despite the overwhelming interest we received from investors, we have been selective in determining who comes aboard as we define this new category for ourselves.”
“We are very excited to partner with Jamie and the brilliant team at CyberSmart. We’ve been impressed by the scalability of the technology, which is helping a fast growing number of SMEs build their digital presence while staying secure”, said Antoine Pechin, Vice President of Winton Ventures. “We also think that CyberSmart can play a key role in developing the SME cyber insurance space.”
“Cyber risks, particularly ransomware and malware attacks, are an ever-increasing threat to small businesses globally, with many SMEs facing a protection gap and lacking the knowledge, expertise, insurance coverage, and access to tools and resources to help protect their organisations, ” said Carl Bauer-Schlichtegroll of Eos Venture Partners.
“The CyberSmart platform is a complete solution to easily support and protect businesses, demonstrated by strong early traction with thousands of customers and large corporate partners already leveraging the platform. We are excited to partner with this exceptional team and co-investors, and look forward to working with the Company to build on their achievements to date, further cementing their position as a leader in the cybersecurity sector.”
“IQ Capital has supported CyberSmart since their seed round and we are tremendously proud of CyberSmart’s rapid growth within the underserved SME cyber protection market,” said Kerry Baldwin, Managing Partner at IQ Capital. “We are pleased to continue working closely and to support the team on their growth and international expansion alongside the new investors.”