Defendify Raises $2M in Funding
PORTLAND, ME, Defendify announced today that is has closed its $2 million seed round.
Defendify, an all-in-one SaaS cybersecurity platform developer, announced today that is has closed its $2 million seed round. Existing investor 3dot6 Ventures doubled down and 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, added thousands of users and doubled its employee count. As the company continues to experience rapid growth, the $2 million round will be used to expand its core product, invest in sales and marketing, and make strategic hires.
"The Defendify team has demonstrated strong leadership, capital efficiency, and impressive progress to-date," said 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."
The Defendify platform offers small businesses and channel partners a cybersecurity solution that's simple, affordable, flexible, scalable and aligns with regulatory needs. Unlike any other product in the market, Defendify features a single pane of glass and multiple layers of ongoing protection to continuously improve security posture. As small businesses grow and threats continue to evolve, Defendify scales easily.
"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 provides a holistic solution at a reasonable price point for SMBs-making cybersecurity accessible to all small businesses and not just large-scale enterprises."
According to Hiscox Cyber Readiness Report 2019, on average, cyberattacks cost companies $200,000. In addition to these staggering costs, SMBs are at risk for 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.
"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."
If your organization would like to improve its cybersecurity-internally or to provide as a solution to your customers-visit http://www.defendify.io to learn more and request a free demo.
Defendify is an all-in-one SaaS cybersecurity platform designed specifically for small businesses. Defendify offers SMBs, IT professionals, and reseller organizations a holistic solution that's easy, affordable, flexible, and scalable. With its mission to help secure small businesses from existing and evolving threats, the team works tirelessly to make cybersecurity simple for small businesses and channel providers alike. For media inquiries: firstname.lastname@example.org
About 3dot6 Ventures:
3dot6 Ventures is a boutique investment firm dedicated to bridging the financing gap between Seed and Series rounds for early-stage, SaaS-enabled cybersecurity startups. The 3dot6 founders are entrepreneurs and industry leaders in information security and cybersecurity. This unique background allows 3dot6 to provide operational experience, as well as capital to emerging cybersecurity companies. The firm offers industry knowledge, startup expertise and operational resources to lay a strong foundation that will ensure scalability and rapid growth for each portfolio company partnership.
About York IE:
York IE (Investment Enterprise) is a hybrid strategic advisory, investment, and operational growth firm focused on scaling innovative, creative and impactful companies via several unique engagements and vehicles. York IE invests capital, expertise, and passion, builds products, and creates content to support ambitious entrepreneurs and angel investors on their quest to scale startups and disrupt markets.
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