Defendify, a cybersecurity platform designed for small businesses, closed a $2 million seed funding round.
Existing investor 3dot6 Ventures led the round with participation from York IE, Maine Technology Institute (MTI), Maine Venture Fund (MVF), FreshTracks Capital, and Wasabi Ventures.
In the last 18 months, Defendify has raised a total of $3.6 million in funding. The company plans to use the latest funds to expand its core product, invest in sales and marketing, and make strategic hires.
According to Hiscox Cyber Readiness Report 2019, on average, cyberattacks cost companies $200,000. In addition to these staggering costs, small and midsize businesses are at risk of losing customers or being issued fines for not being compliant with third-party cybersecurity risk assessments. The high costs associated with these matters can be devastating to a small business, the company said.
“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.,” said Kyle York, CEO & Managing Partner at York IE.
“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,” added Rob Simopoulos.