The Hague-based Eye Security, a startup specialised in protecting small and medium-sized European enterprises from cyber threats, announced on Monday that it has secured €36M in a Series B funding round led by J.P. Morgan Growth Equity Partners.
Other existing investors, including Bessemer Venture Partners and TIN Capital, participated in the round.
With the latest capital injection, the Dutch company plans to deepen its presence in markets like the Netherlands, Germany, and Belgium while expanding across select European countries in 2024.
Eye Security: Protecting SME’s
In 2020, three employees of the Dutch National Security—Job Kuijpers, Vincent van de Ven, and Piet Kerkhofs—made a decision. Pooling their expertise, they founded Eye Security to make national-intelligence-grade cybersecurity available to vulnerable businesses that are part of a larger supply chain.
“Our journey began with a vision to tackle the escalating cyber risks that businesses face daily,” says Job Kuijpers, CEO of Eye Security. “We’re excited to extend our mission across Europe, giving our customers and strategic partners the reassurance that comes with knowing they’re partnering with a leader in cybersecurity and insurance.”
The Dutch company protects small and medium-sized European enterprises from cyber threats and the high costs that follow after a successful attack.
Eye Security says its goal is to unburden SMEs with an affordable all-in-one service that safeguards them against threats targeted to their industry.
The company’s service combines endpoint monitoring with awareness campaigns, a 24/7 incident response strategy, and cyber insurance.
“In today’s landscape, where cyber threats are ever-present, businesses frequently struggle to find reliable cyber insurance,” says Job Kuijpers. “Eye Security tackles this challenge directly. We’ve developed a scalable platform that not only strengthens a business’s defences against cyber threats but also quickly delivers insurance coverage. Our comprehensive approach means our customers are fully protected against cyber risk.”
Eye Security is well-positioned to benefit from the NIS2 directive by the EU.
The NIS2 Directive is the EU-wide legislation on cybersecurity. It provides legal measures to boost the overall level of cybersecurity in the EU.
EU members must incorporate NIS2 into their national cybersecurity laws by 10/17/2024, which mandates strict breach reporting timelines. Non-compliance may result in fines of €10M or 2% of worldwide sales.
The company’s solution is used by hundreds of customers in sectors including automotive, manufacturing, healthcare, financial services, and information technology.
The investor
J.P. Morgan Growth Equity Partners manages a $1B growth equity fund partnering with leading enterprise software, fintech, real estate technology, and consumer companies.
“Eye Security fills a critical gap in providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies. Non-enterprise companies continue to be disproportionality impacted and lack the necessary incident response capabilities,” says Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners.
“When contextualised with the upcoming European Union NIS2 directive and a continued cybersecurity talent shortage, Eye Security is well positioned to help address this gap. We are excited to partner with the Eye and support the company’s mission,” adds Dawe.
Read the orginal article: https://siliconcanals.com/news/startups/dutch-eye-security-secures-36m/
