Cybersecurity platform for SMEs CyberSmart has reportedly collected $15m for its Series B funding round.
The investment was led by European venture capital firm Oxx, according to a report from TechCrunch. Commitments also came from British Patient Capital, Legal & General Capital and Solano Partners.
Existing CyberSmart backers IQ Capital, Eos Venture Partners, Winton Ventures and Seedcamp also joined the Series B.
With the capital, CyberSmart plans to develop its product and explore potential acquisitions. Additionally, the CyberTech company plans to expand its channel partners and customers in Europe, Australia and New Zealand.
UK-based CyberSmart is a cybersecurity platform aimed at SMEs. Users can instantly check their organisation’s security status and see where there is room for improvement. Its platform also boasts 24/7 cyber risk management, with the solution identifying risks and offering simple instructions to avoid them.
The solution also provides visibility into every device used by the company and offers training to educate staff on online safety.
According to its website, the company is used by over 4,000 small businesses.
Oxx partner Phil Edmondson-Jones said, “SME’s are notoriously under-protected from the rising cyber threat, and existing cybersecurity and insurance propositions are neither fit for purpose nor affordable.
“We have spent a long time searching for the right business model that can enact a step-change in this important & enormous market. CyberSmart’s category leading SME security product; combined with its unique ability to collect ‘inside-out’ data on real-time risk indicators, will propel the business to become a core part of the infrastructure for cyber protection and insurance.”
As part of the deal, Edmondson-Jones will join the board of CyberSmart.
The company previously raised $10m in an oversubscribed Series A round in 2021. The capital, which was raised to foster its international expansion, was supplied by IQ Capital, Eos Venture Partners and Winton Ventures.
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