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Rabat – Cypherleak, a cyber risk monitoring and scoring startup, closed a seed funding round, raising a total of $750,000 from investors based in Abu Dhabi, Morocco, and Qatar.
Participants in this round include Maroc Numeric Fund II, a state fund dedicated to funding tech startups, and Qatar Insurance Company.
The substantial investment will propel Cypherleak’s expansion efforts across the Middle East and Africa including Morocco, the startup said in a statement posted on LinkedIn.
Cypherleak specializes in simplifying advanced risk monitoring for smaller companies, removing the requirement for extensive cybersecurity technical expertise.
The technology developed by Cypherleak allows businesses to track leaked passwords and information on both the Public and Dark web, facilitating the identification of their complete attack surface and vulnerabilities affecting their infrastructure.
Using Machine Learning and advanced risk models, Cypherleak delivers security ratings based on numerous cyber risk factors, providing each customer with a personalized solution.
Since its launch in April 2022, Cypherleak has sold subscriptions to over 1,000 corporate end-users across Europe and the MENA region, with a particular focus on small and medium-sized enterprises (SMEs) that are often priced out of enterprise-level cybersecurity products.
Mohamed Amine Belarbi, Founder and CEO of Cypherleak, expressed his enthusiasm for the funding injection, stating that the funding will enable his company “to accelerate our expansion across the Middle East and Africa,” and solidify their position as a “leading player in the rapidly evolving field of cyber risk management and ratings.”
“With the backing of these strategic 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,” he added.
On her part, Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, emphasized the importance of Cypherleak’s role in addressing cyber threats facing SMEs in the MENA region.
“Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality,” she said, adding that “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 Cypherleak and help the team open their African regional office in Morocco, which will be mainly dedicated to R&D,” she concluded.
Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), highlighted the growing importance of cyber security in the MENA region and the need for cyber insurance for SMEs.
“Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable,” he explained.
“Cyber insurance for SMEs is already needed and is poised to grow in the months to come,” he insisted. “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.”
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