Cypherleak raises $750,000 in seed round

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Cypherleak raises $750,000 in seed round

  • Cypherleak, a UAE-based cyber risk monitoring and scoring startup, has closed a $750,000 seed round from investors based in Abu Dhabi, Morocco and Qatar, including Maroc Numeric Fund II and Qatar Insurance Company.
  • Founded in 2022 by Mohamed Amine Belarbi, Cypherleak specializes in simplifying advanced risk monitoring for small businesses, eliminating the need for deep technical cybersecurity expertise.
  • The new funding will help drive Cypherleak’s expansion across the Middle East and Africa.

Press release:

Cypherleak, a pioneering cyber risk monitoring and scoring startup, has closed a $750,000 seed round from investors based in Abu Dhabi, Morocco and Qatar. This investment from entities such as Maroc Numeric Fund II and Qatar Insurance Company will help drive Cypherleak’s expansion in the Middle East and Africa.

Cypherleak specializes in simplifying advanced risk monitoring for small businesses, eliminating the need for deep technical cybersecurity expertise. Using only the domain name, Cypherleak allows businesses to track their leaked passwords and information on both the public web and the Dark Web, allows them to identify the full extent of their attack surface and to identify vulnerabilities affecting their infrastructure. Additionally, Cypherleak uses machine learning and advanced risk models to provide personalized security assessments based on numerous cyber risk factors tailored to each client.

Since its launch in April 2022, Cypherleak has quickly established itself as a key player in the cybersecurity sector. The company has successfully sold subscriptions to over 1,000 enterprise end users in Europe and MENA, focusing on SMBs, which are often discounted for enterprise cybersecurity products. Cypherleak streamlines the process for small businesses to deploy advanced risk monitoring without the need for in-depth technical cybersecurity knowledge.

Mohamed Amine Belarbi, founder and CEO of Cypherleak, said: “The funding injection will enable us to accelerate our expansion in the Middle East and Africa, strengthening our position as a leading player in the rapidly evolving field. cyber risk management and rating. With the support of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and providing unprecedented cyber risk insights to businesses and organizations across the region and the world.

“Cybersecurity risks pose a serious threat to SMEs in the MENA region who are mostly unprepared to face this new reality. Thanks to their solid experience, Mohamed Amine and his co-founders are building a solid and user-friendly platform, capable of responding to these serious threats. threats, and help SMEs in the MENA region to insure themselves accordingly. We are excited to invest in Cypherleak and help the team open its African regional office in Morocco, which will be primarily dedicated to R&D,” says Dounia Boumehdi, Managing Director of MITC Capital, the management company of Morocco Digital Fund II.

One of the most compelling use cases for Cypherleak’s technology is underwriting cyber insurance. Cypherleak’s Cyber ​​Risk Scoring allows insurers to accurately assess the cyber risk of potential cyber insurance applicants, revolutionizing the way cyber insurance is underwritten in the MENA region. Additionally, Cypherleak’s cyber risk monitoring capabilities enable insurers to provide ongoing, value-added risk monitoring and mitigation services to their cyber insured clients throughout the coverage period. Cypherleak’s relevance in the insurance space was confirmed when the company was declared the winner of the MENA Insurtech Summit 2023 in Doha, Qatar.

“Cybersecurity is a growing topic in the MENA region. SMEs are among the most vulnerable businesses. Cyber ​​insurance for SMEs is already necessary and is set to develop in the coming months. Cypherleak has demonstrated its ability to understand these new issues. QIC Digital Venture Partners is excited to invest and leverage Cypherleak’s cybersecurity capabilities to strengthen its cyber insurance practice. says Lars Gehrmann, group digital director at Qatar Insurance Company (QIC).

“Amine has extensive experience in cybersecurity in the region. With a strong team, it is building an easy-to-use cybersecurity solution for SMEs and demonstrating growing popularity in the MENA region and beyond,” says Othmane Bennis, Head of CVC at DVP. He adds that “the cyber insurance market opportunity for SMEs in the MENA region will be as huge as that seen in the United States and Europe.” While Cypherleak’s holding company is located in Delaware, its Middle East regional office is based at Hub71, Abu Dhabi’s global technology ecosystem, which supports the growth of startups at all stages. The company is in the process of opening an African regional office in Morocco.

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