Eye Security has clinched a €36 million Series B funding in a significant move for Europe’s cybersecurity field. The investment was led by J.P. Morgan Growth Equity Partners and supported by existing backers Bessemer Venture Partners and TIN Capital. This influx of funds will amplify Eye Security’s endeavors to safeguard businesses throughout Europe against growing cyber threats.
Former Dutch Intelligence and Security Services veterans founded Eye Security in 2020. It has grown to include over 100 specialists spread across three nations. It provides cybersecurity measures, like round-the-clock protection, incident response, and cyber insurance, accessible to the mid-market segment. Its services have earned the trust of a wide array of sectors. These include automotive, manufacturing, and healthcare.
“We embarked on this journey with a clear vision to mitigate the increasing cyber risks confronting businesses on a daily basis,” stated Job Kuijpers, CEO of Eye Security. “With this funding, we’re poised to push our mission further across Europe, ensuring our customers and strategic partners feel secure with a front-runner in cybersecurity and insurance by their side.”
Eye Security has earmarked this financial backing to deepen its operations in its established markets—Netherlands, Germany, and Belgium. It plans to branch out into other European territories in 2024. Experts project that the European cybersecurity market will grow from €50 billion to over €85 billion by 2029. Eye Security’s initiative will seek to address the critical need for robust cybersecurity solutions for the mid-market businesses. These companies represent a considerable portion of cyberattack victims.
“Dependable Cyber Insurance”
“In today’s digital era, where cyber threats loom large, finding dependable cyber insurance poses a significant challenge for businesses,” remarked Kuijpers. “At Eye Security, we confront this head-on with a scalable platform that not only fortifies a business’s defenses but also swiftly extends insurance coverage, ensuring our clients are comprehensively shielded against cyber risks.”
Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners, praised Eye Security’s strategic positioning, “Eye Security uniquely fills an essential void by delivering advanced cybersecurity and insurance solutions at an accessible price to mid-market companies, which often lack the means to respond effectively to incidents. Given the looming NIS2 directive from the European Union and the persistent shortage of cybersecurity talent, Eye Security is ideally situated to bridge this gap. We’re thrilled to partner with Eye Security and support their vital mission.”
Source: Eye Security secures €36 Million in Series B funding to reinvent cybersecurity across Europe.