HUB71 STARTUP CYPHERLEAK SECURES US$750,000 SEED FUNDING TO EXPAND GLOBAL FOOTPRINT

Abu Dhabi, 27 September 2023: Cypherleak, a pioneering cyber risk monitoring and scoring startup, has closed a US$750,000 seed round from investors based in Abu Dhabi, Morocco, and Qatar. This investment from entities including Maroc Numeric Fund II and Qatar Insurance Company will help drive Cypherleak’s expansion across the Middle East and Africa (MEA) region.

Cypherleak specializes in simplifying advanced risk monitoring for smaller companies, eliminating the need for extensive cybersecurity technical expertise. By only utilizing the domain name, Cypherleak allows companies to track their leaked passwords and information on both the Public web and Dark web, and enables them to identify the full extent of their attack surface and pinpoint vulnerabilities affecting their infrastructure. Furthermore, Cypherleak employs Machine Learning and advanced risk models to deliver customized security ratings based on many cyber risk factors tailored for each customer.

Since its launch in April 2022, Cypherleak has rapidly established itself as a critical player in the cybersecurity industry. The company has successfully sold subscriptions to over 1,000 corporate end-users across Europe and the MEA region, focusing on SMEs, often priced out of enterprise cybersecurity products. Cypherleak streamlines the process for smaller companies to deploy advanced risk monitoring without the need for deep cybersecurity technical knowledge.

Mohamed Amine Belarbi, Founder and CEO of Cypherleak, said: "The funding injection will enable us to accelerate our expansion across the MEA region, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings. By being part of the Hub71 ecosystem, we have been able to gain access to a vast network of strategic investors. Through the backing of our new investors Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world."

Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, added: "Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality. Thanks to their strong experience, Mohamed Amine and his co-founders are building a strong and user-friendly platform that is able to address these serious threats, and help MENA SMEs get insured accordingly. We are thrilled to invest in Cypheleak and help the team open their African regional office in Morocco, which will be mainly dedicated to R&D."

One of the most compelling use cases for Cypherleak's technology is cyber insurance underwriting. Cypherleak's cyber risk scoring enables insurers to accurately assess the cyber risk of prospective cyber insurance applicants, revolutionizing how cyber insurance is underwritten in the MENA region. Furthermore, Cypherleak's cyber risk monitoring capabilities empower insurers to provide continuous value-added risk monitoring and mitigation services to their cyber-insured customers throughout the coverage period. Cypherleak’s relevance to the insurance space was further confirmed when the company was declared winner of the MENA Insurtech Summit 2023 in Doha, Qatar.

Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), commented: “Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come. Cypherleak has demonstrated its ability to understand these new challenges. QIC Digital Venture Partners is thrilled to invest and leverage Cypherleak’s cyber security capabilities to empower its cyber insurance practice.”

Othmane Bennis, Head of CVC at DVP, said: “Amine has extensive experience in cyber security in the region. Along with a strong team, he is building an easy-to-use cyber security solution for SMEs and is demonstrating a growing traction in the MENA region and beyond. The SME cyber insurance market opportunity to come in MENA will be as huge as the one witnessed in the US and Europe.”

While its holding company is in Delaware, Cypherleak is also part of Hub71, Abu Dhabi’s global tech ecosystem, which supports the growth of startups at all stages. Cypherleak is in the process of opening an African regional office in Morocco.