TIIN Capital’s fund, Dutch Security TechFund, announced on Tuesday that it has invested €4.5M in Eye Security, The Hague-based cybersecurity company. The Dutch company says it will use the funds to accelerate product development to help protect companies from cyber attacks.
The announcement comes just a few weeks after investing $3M (approx €2.73M) as Seed funding in BreachLock to accelerate its market expansion.
What does Eye Security solve?
Cyberattacks in the SMEs segment have risen sharply in recent years. The Netherlands has over 2M companies in the medium and small segments. Consequently, more insurers are withdrawing from the cyber domain due to the risk of a cyber-attack that cannot be controlled without the ideal security measures. This is where Eye Security sees opportunities and fills the gap.
Piet Kerkhofs, Vincent van de Ven, and Job Kuijpers founded Eye Security in 2020 to make high-quality security accessible to the most vulnerable companies. The company is on a mission to use its expertise to protect SMEs in Europe.
The company offers solutions combined with cyber insurance, making cyber threats in SMEs manageable. To remove the risks of cybercrime from the balance sheet, the Dutch company will soon insure the residual risk for its customers.
Eye Security comprises a team of 50 people with a shared passion for combating digital injustice.
Job Kuijpers, CEO of Eye Security, says, “Thanks to the scalability of our product, we make cyber security accessible and affordable for companies that until recently were on their own. With the support of TIIN Capital, we will continue to roll out our services in Europe, starting in Belgium and Germany.”
TIIN Capital: What you need to know
TIIN Capital was founded in 1998, and started with its sixth venture capital fund in 2019 – one of them being Dutch Security TechFund. This fund is sector-focused and backs startups and scale-ups in cybersecurity and IoT Security. The firm works together with Security Delta in The Hague, the Netherlands, and the European Cyber Security Organisation (ECSO) in Brussels, Belgium.
Maarten Derks of TIIN Capital says, “Cyber security is a very relevant topic given the current situation in Europe and the increasing digitisation. Never before have so many companies been victims of cybercrime. More and more entrepreneurs are becoming aware of this. It is not without reason that Eye Security is growing by 150 per cent per quarter”.
Saskia Bruines, Alderman for the Municipality of The Hague, says, “With the investment in this cyber security company from The Hague, we are taking a major step towards effectively combating cybercrime. Entrepreneurs get a practical solution to protect themselves against cyber criminals. This is beneficial for both the resilience of companies and the city of The Hague.”