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Unfortunately, a large proportion of businesses today face cyber attacks. Eye Security recently secured €36 million in funding. They have developed a scalable platform that not only strengthens a business’s defences against cyber threats but also quickly delivers insurance coverage.

The company was founded in 2020 by three former employees of the Dutch intelligence services AIVD and MIVD: Job Kuijpers, Piet Kerkhofs and Vincent van de Ven.

Why you need to know this:

Cyber attacks are increasingly taking place in the Netherlands. It is important that companies start protecting themselves better.

Eye Security is active across sectors ranging from automotive, manufacturing, healthcare, financial services and information technology, among other industries. The company from The Hague offers businesses a comprehensive cybersecurity subscription, which includes services such as monitoring, detection, and phishing prevention training. In the event of a cyberattack, such as ransomware, affected customers are supported by a dedicated emergency response team. Additionally, the company provides cyber incident insurance for added peace of mind.

With this new round of funding, Eye Security plans to deepen its presence in existing markets, such as the Netherlands, Germany, and Belgium, while also expanding across select European countries in 2024. 

Bankrupt within six months

Europe has a €50 billion cybersecurity market that is expected to grow at a CAGR of ~10.8% through 2029 to reach a €85+ billion market opportunity. Despite the large and fast-growing market, much of this spending goes towards protecting large enterprise companies, and leaves many of the remaining 24.4 million companies in the EU vulnerable to cybersecurity attacks. Protecting non-enterprise businesses has become increasingly important as they are the recipient of ~50% of all cybersecurity attacks and subsequently, 60% of those that are hacked go out of business within six months. 

Eye Security wants to help. Two years ago, the company already raised a total of €21.5 million from investors Bessemer Venture Partners and TIN Capital, who are participating again this time. Currently, the cybersecurity firm has 120 employees, but the leadership anticipates doubling this number next year in light of the growth of the security market in Europe.