The Hague-based startup Naq, which aims to simplify cyber security, announced on Tuesday, March 7, that it has raised $1.5M (approximately €1.41M) in Seed funding to revolutionise compliance and supply chain security across the UK and Europe.
The round was led by Axivate Capital with additional support from existing angel investors.
Taco Kievit of Axivate Capital says, “As the data privacy and security landscape continues to evolve, compliance is no longer a “nice-to-have”; it’s now an essential part of any business’s operations. The pressure on European SMEs to comply with regulations and complete due diligence has never been higher.”
“Naq’s automated platform simplifies this process while also keeping their data secure. We’re excited to see Naq continue to innovate and expand their customer base, securing the supply chain for enterprises and SMEs alike,” adds Kievit.
On a mission to simplify cyber security
Nadia Kadhim and Chris Clinton established Naq in 2021 after realising the need for an intuitive tool to assist companies in managing their compliance and due diligence responsibilities.
The platform offers companies everything they require to satisfy data compliance laws, establish a strong cyber security posture, and operationalise third-party confidence.
Naq’s automated compliance platform and support from local data security experts,make cyber security and due diligence easy and accessible for SMEs. It simultaneously provides enterprises and governments with real-time visibility over their supplier’s security and compliance posture.
Currently, Naq helps hundreds of SMEs comply with GDPR, ISO27001 and industry-specific regulations.
With support from the UK’s NCSC and collaborations with organisations across the UK and Europe such as Hiscox, Naq helps businesses automatically conform to complex European and British sector requirements while safeguarding some of the continent’s vulnerable supply networks.
Naq says it will use the funds to expand its functionalities, making it simpler for vendors to provide the assurance and security required to safeguard valuable infrastructure in the UK and Europe.
Nadia Kadhim, co-founder of Naq & winner of Forbes 30 under 30, says, “SMEs are under immense pressure to meet the data compliance and due diligence requirements set by their respective sectors, customers and partners.”
“They spend hundreds of hours every year collecting evidence of their compliance while painfully slogging through lengthy due diligence questionnaires. This is before they’ve even begun to think about how to keep their data secure in the face of growing security threats.”
She adds, “Naq’s aim is simple: provide all businesses across Europe and the UK access to streamlined data compliance, cyber security and simplified due diligence. We look forward to enabling every business owner across Europe and the UK to turn compliance into a competitive advantage.”