Cypherleak, a pioneering cyber risk monitoring and scoring startup, has successfully concluded a seed funding round, amassing a substantial $750,000.
In a significant stride towards fortifying cybersecurity for small and medium-sized enterprises (SMEs), Cypherleak, a pioneering cyber risk monitoring and scoring startup, has successfully concluded a seed funding round, amassing a substantial $750,000. The funding was contributed by investors hailing from Abu Dhabi, Morocco, and Qatar.
Among the notable participants in this funding round are Maroc Numeric Fund II, a state-backed fund dedicated to supporting tech startups, and Qatar Insurance Company.
This infusion of capital will fuel Cypherleak’s expansion endeavors across the Middle East and Africa, with a specific emphasis on Morocco, as stated in their official announcement on LinkedIn.
Cypherleak’s core expertise lies in streamlining advanced risk monitoring for smaller enterprises, effectively eliminating the need for intricate cybersecurity technical know-how. Their proprietary technology enables businesses to monitor compromised passwords and information on both the Public and Dark web, facilitating the identification of their entire attack surface and the vulnerabilities affecting their infrastructure.
Leveraging the power of Machine Learning and advanced risk models, Cypherleak furnishes security ratings grounded on a multitude of cyber risk factors, ensuring each client receives a bespoke solution.
Since its inception in April 2022, Cypherleak, a pioneering cyber risk monitoring and scoring startup, has successfully onboarded over 1,000 corporate end-users across Europe and the MENA region, with a special focus on SMEs, a demographic often sidelined by the prohibitive costs associated with enterprise-grade cybersecurity solutions.
Founder and CEO of Cypherleak, Mohamed Amine Belarbi, expressed his elation regarding the funding injection, asserting that it will propel the company’s expansion efforts across the Middle East and Africa. He further emphasized the aspiration to solidify Cypherleak’s position as a leading force in the ever-evolving field of cyber risk management and ratings.
Dounia Boumehdi, Managing Director of MITC Capital, the managing entity of Maroc Numeric Fund II, underscored Cypherleak’s pivotal role in mitigating cyber threats encountered by SMEs in the MENA region. She stressed the urgency of addressing these risks, particularly for SMEs who are often unprepared to confront this new reality.
Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), echoed the sentiment, emphasizing the escalating significance of cybersecurity in the MENA region. He pointed out that SMEs are particularly susceptible, and the demand for cyber insurance tailored to their needs is on the rise. He commended Cypherleak’s adeptness in comprehending these evolving challenges and expressed excitement about investing in the venture to bolster QIC’s cyber insurance capabilities.
Cypherleak’s strides in enhancing cybersecurity for SMEs are not only a testament to their technical prowess but also a beacon of hope for businesses in the region looking to fortify their digital defenses in an increasingly interconnected world. With this recent funding, Cypherleak is poised to make significant strides in safeguarding the cyber landscape for SMEs across the Middle East and Africa.