Eye Security, a startup specializing in safeguarding small and medium-sized European enterprises from cyber threats, has announced a significant €36M Series B funding round. The round was led by J.P. Morgan Growth Equity Partners, with participation from existing investors Bessemer Venture Partners and TIN Capital.
This new capital injection will enable the Dutch company to deepen its market presence in the Netherlands, Germany, and Belgium, and expand its reach across select European countries in 2024.
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Empowering SMEs with National-Intelligence-Grade Cybersecurity
Founded in 2020 by former Dutch National Security employees Job Kuijpers, Vincent van de Ven, and Piet Kerkhofs, Eye Security was established with the mission to make national-intelligence-grade cybersecurity accessible to businesses within larger supply chains. “Our journey began with a vision to tackle the escalating cyber risks that businesses face daily,” says Job Kuijpers, CEO of Eye Security. “We’re excited to extend our mission across Europe, giving our customers and strategic partners the reassurance that comes with knowing they’re partnering with a leader in cybersecurity and insurance.”
Eye Security aims to unburden SMEs with an affordable all-in-one service that protects them against industry-targeted threats. The company’s service combines endpoint monitoring, awareness campaigns, a 24/7 incident response strategy, and cyber insurance to offer comprehensive protection against cyber risks.
Addressing the Cybersecurity Challenge
“In today’s landscape, where cyber threats are ever-present, businesses frequently struggle to find reliable cyber insurance,” says Job Kuijpers. “Eye Security tackles this challenge directly. We’ve developed a scalable platform that not only strengthens a business’s defenses against cyber threats but also quickly delivers insurance coverage. Our comprehensive approach means our customers are fully protected against cyber risk.”
Eye Security is well-positioned to benefit from the NIS2 directive by the EU, which mandates strict breach reporting timelines and could result in fines for non-compliance. The company’s solution is used by hundreds of customers across sectors including automotive, manufacturing, healthcare, financial services, and information technology.
Investor Confidence in Eye Security’s Mission
J.P. Morgan Growth Equity Partners, managing a $1B growth equity fund, sees Eye Security as filling a critical gap by providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies. “When contextualized with the upcoming European Union NIS2 directive and a continued cybersecurity talent shortage, Eye Security is well positioned to help address this gap,” says Topher Dawe, Managing Partner at J.P. Morgan Growth Equity Partners.
With this Series B funding, the company is set to further its mission of protecting European SMEs from cyber threats, expanding its presence across the continent, and continuing to innovate in the cybersecurity and insurance space.
