Lisbon-based Probely, a company that empowers security teams and developer teams to embrace Application Security Testing, announced on Tuesday, November 8, that it has raised €7.7M in a Series A round of funding.
The investment was led by TIIN Capital’s Dutch Security Techfund, Iberis Capital and Semapa Next. Current investors, including Bright Pixel Capital (formerly Sonae IM), Caixa Capital, Portugal Ventures, and EDP Ventures, also participated in this round.
Michael Lucassen, Managing Partner of TIIN Capital, says, “The mission of TIIN Capital is to keep Europe safe and resilient with security tech. Probely is a strong example of a European cybersecurity startup that is on its way to becoming a global market leader. We look forward to assisting Probely with their expansion across Europe and in the US.”
Capital utilisation
Probely says it will use the funds to strengthen its team with 40 more employees and continue its international expansion, particularly to the US.
Nuno Loureiro, co-founder and CEO of Probely, says, “This investment round allows us to scale the business in strategic markets and to benefit from the experience of our new investors in key areas for our growth. We expect our customer base to triple by the end of 2023, and we will hire 40 more employees for various teams, including our sales and marketing department.”
Empowering security and DevOps teams to reduce security risk
Founded in 2017 by Nuno Loureiro, Tiago Mendo, Hugo Castilho, João Poupino, Bruno Barão, and Cláudio Gamboa, Probely is a cloud-based application security testing solution that empowers Security and DevOps teams to embrace Application Security Testing.
Probely aims to reduce the distance between development, security and operations by integrating security testing across the whole software development lifecycle (SDLC). It has developed a solution that identifies vulnerabilities in websites, applications and APIs in an automated way.
The creators of Probely are accomplished web developers and application security experts who spun out from a multinational telecommunications provider’s AppSec team. The team has firsthand knowledge of the difficulty of expanding application security testing, and developed Probely to aid software manufacturers in accelerating time to market.
Brief about TIIN Capital
TIIN Capital was founded in 1998. In early 2019, the firm started with its sixth venture capital fund – Dutch Security TechFund. This fund has a sector-focused approach, namely startups and scale-ups in Cybersecurity and IoT Security.
Dutch Security TechFund invests in innovative and strong teams. In collaboration with corporates and governments in Europe, TIIN Capital has developed a “unique” ecosystem, working together with Security Delta in The Hague (NL) and members of the European Cyber Security Organization (ECSO) in Brussels (BE).
With its latest investment in Probely, the firm highlights its desire to actively promote European cybersecurity businesses with scalable and “innovative” products that have the potential to dominate global markets.
