The Hague-based Eye Security, a subscription-based cybersecurity and insurtech company, announced on Wednesday, November 16, that it has secured €17M in a fresh financing round led by global venture capital firm Bessemer Venture Partners.
The announcement comes after raising €4.5M in a funding round led by TIIN Capital in April. The latest capital injection brings the total funding raised by the company in 2022 to €21.5M.
Eye Security says the capital will allow it to execute its expansion plan and further accelerate its mission to mitigate the cyber risk of European companies.
Eye Security: What you need to know
According to Eye Security, the Netherlands has more than two million companies in the medium and small segments. The threat of cyber-attacks has risen sharply in recent years, especially in this segment.
Eye Security was founded in 2020 by former intelligence officers Piet Kerkhofs (CTO), Vincent van de Ven (COO), and Job Kuijpers (CEO), who worked for years at the AIVD and MIVD.
The Dutch startup offers an all-in-one security product that includes monitoring and detection, 24/7 incident response, and cyber insurance.
Kuijpers says, “Companies, local governments, and hospitals need better cyber security, faster insurance quoting, and better service. Eye Security delivers state-of-the-art cybersecurity combined with cyber insurance without the hassle. The growth that we have been able to achieve since inception is a testament to our solution’s quality and spot-on product market fit. We have proven that we are the first company that can protect and insure organisations against the increasing cyber threat fast and easy.”
Investors
With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer, and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.
The VC’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast. Bessemer has more than $20B of assets under management and teams of investors and partners in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing, and Bangalore.
Alex Ferrara, Partner at Bessemer Venture Partners, says, “The demand for cyber insurance has skyrocketed in recent years, yet there has been a segment of companies that don’t have the right resources to protect themselves at a time when ransomware attacks are at an all-time high, and therefore, become uninsurable. The Eye Security team bridges this gap by bringing a depth of expertise that these businesses couldn’t implement on their own. We look forward to partnering with Eye Security in their mission to protect small and medium-sized businesses against cyber risk.”
