Press release: CyberSmart disrupts SME cybersecurity with $10 million Series A funding

Series A funding

CyberSmart, UK leader in simple and accessible automated cybersecurity technology for SMEs, has today announced the completion of a successful over-subscribed Series A funding round, bringing the total raised to over $10 million. Alongside deeptech fund IQ Capital and with the additional support of InsurTech specialist, Eos Venture Partners, and data science-focused Winton Ventures, CyberSmart is set to further disrupt the cybersecurity market. The funding will be used to enhance their product’s capabilities further, invest in channel partnerships as well as scale into the UK and beyond. In this way, playing a fundamental part in the company’s long-term goal to protect and empower SMEs globally.

The company drives value for customers and partners through its ‘golden triangle’ approach; supporting SMEs in protecting their data, assuring their security posture and providing tailored and affordable insurance coverage. CyberSmart’s intuitive online platform automatically and continuously assesses personal and company devices in real-time, alerting users when security and compliance standards have not been met. SMEs 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 strategic 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”- Jamie Akhtar, CEO and co-founder of CyberSmart

It is this comprehensive approach to cybersecurity and a focus on accessibility, both in terms of cost and functionality, that distinguishes CyberSmart from the crowd. This has driven an influx of capital and a wide variety of enthusiastic investors, with many current investors and angels doubling down on their commitment to the company.

“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.”

“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”- Antoine Pechin, Vice President of Winton Ventures

“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.”

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CyberSmart nominated for 3 awards

Network group awards

Three really is the magic number for CyberSmart. We’re delighted to announce we’ve been nominated for three awards at the upcoming Network Group Awards 2020.

Who is Network Group?

Network Group is a member-owned organisation committed to transforming the customer experience and driving customer-led growth in the tech sector. It aims to do this by providing tech business leaders access to peer group support, development tools and new opportunities.

What are the awards for?

We’ve been nominated in three categories at this year’s awards: 

  • Specialist Vendor of the Year
  • Business Product of the Year
  • Biggest Impact New Partner

We’re especially pleased to have been nominated in the ‘Biggest Impact New Partner’ category. Firstly, because we’re up against some truly innovative businesses. And, secondly, because our goal is to make an impact globally. 

Cybercrime is projected to cost the world $6 trillion annually by 2021, and 58% of it targets small businesses. Meanwhile, businesses with the resources to weather continuous cyberattacks are gaining an unfair advantage over small businesses who don’t. We call this the ‘cybersecurity gap’. 

Our aim is to help SMEs all over the world bridge this gap, by improving their understanding of cybersecurity and giving them the tools to better protect themselves. So, to be recognised as making an impact, even at this early stage, is real motivation for 2021 and beyond. 

Are you a small business looking to improve cybersecurity but not sure where to begin? Start by getting certified in Cyber Essentials, the UK government scheme that covers all the fundamentals of cyber hygiene.

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