Paris-based firm, Elba, a unique cybersecurity platform working towards empowering employees to tackle cyber threats, has successfully raised €2.5m in a seed round.
The funding round was helmed by the Berlin and Paris-based VC firm, XAnge, according to a report from Sifted.
Other notable investors include Kima Ventures, Plug and Play US, Uncorrelated, Angel Invest and Jason Chan, Netflix’s former chief information security officer.
Founded under the umbrella of the French and Belgian startup studio eFounders in 2022, Elba stands apart by utilising a “user-focused security” approach. Originally pioneered by Netflix security teams, this innovative method motivates employees to review and resolve security issues instead of leaving the entire responsibility on the IT teams. Elba’s technology integrates seamlessly with clients’ SaaS stacks, promptly identifies security flaws, and notifies teams to rectify the issue with a single click.
With the proliferation of SaaS usage, companies are increasingly exposed to a wide array of cybersecurity risks. For instance, companies with more than 1,000 employees typically use an average of 177 SaaS apps, as per Elba’s research. The firm’s data also indicates that as many as 80% of successful attacks stem from employees inadvertently making errors, a concerning trend in a year that saw ransomware attacks double.
The funds raised in this round will primarily be funnelled into Research & Development (R&D), with the aim of enhancing the end-user experience and integrating with new apps. Additionally, Elba has plans to broaden its global footprint, specifically focusing on the US market. The company is also looking to double its current staff of 10 to 20 in the near future.
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