- Defendify, an all-in-one SaaS cybersecurity platform developer, announced it raised $2 million
Cyberattacks cost companies $200,000 on average, according to the Hiscox Cyber Readiness Report 2019. And in addition to these costs, SMBs are at risk for losing customers or being issued fines for not being compliant with third-party cybersecurity risk assessments. This is a problem that Defendify plans to solve.
Defendify — an all-in-one SaaS cybersecurity platform developer — announced it has closed $2 million in a seed round of funding. And existing investor 3dot6 Ventures had doubled down and led the round with participation from York IE, Maine Technology Institute (MTI), Maine Venture Fund (MVF), FreshTracks Capital, and Wasabi Ventures.
Over the last 18 months, Defendify raised a total of $3.6 million and added thousands of users and doubled its employee count. Plus the company continues to experience rapid growth and the $2 million round will be used to expand its core product, invest in sales and marketing, and make strategic hires.
“Defendify’s goal is to simplify cybersecurity for busy SMBs. They can’t afford to not have the right strategies and risk data breaches or customer losses over third-party risk assessments,” said Rob Simopoulos, Co-Founder of Defendify. “Defendify provides peace of mind, ensuring SMBs have an appropriate cybersecurity program in place to help protect against cyberattacks and meet the requirements of third-party risk assessments. This new round of capital will enable us to scale Defendify even faster to help the millions of SMBs who need to improve their cybersecurity posture and want an easy and flexible solution that will grow with their business.”
The Defendify platform essentially offers small businesses and channel partners a cybersecurity solution which is simple, affordable, flexible, scalable, and aligns with regulatory needs. And unlike other products on the market, Defendify features a single pane of glass and multiple layers of ongoing protection to continuously improve security posture.
“The Defendify team has demonstrated strong leadership, capital efficiency, and impressive progress to-date,” added Norman Menz, Managing Director at 3dot6 Ventures. “3dot6 is thrilled to continue to have the company in our portfolio as we work together to transform cybersecurity for small businesses.”
“Considering more than half of small businesses suffered a data breach in the last year, cybersecurity is no longer a nice-to-have, but a must-have for the millions of small businesses in the U.S.,” explained Kyle York, CEO & Managing Partner at York IE. “Defendify provides a holistic solution at a reasonable price point for SMBs—making cybersecurity accessible to all small businesses and not just large-scale enterprises.”