Dutch cybersecurity startup Eye Security has raised EUR 36 million in a funding round led by US-based J.P. Morgan Growth Equity Partners, with participation from existing investors Bessemer Venture Partners and TINN Capital.

Eye Security, founded in 2020 by experts from the Dutch intelligence and security services, has a mission to make high-quality 24/7 digital security, incident response and cyber insurance available to medium-sized companies. The company has more than 100 employees in three countries. Hundreds of customers in industries such as transport & logistics, manufacturing, healthcare, financial and ICT services rely on the company.

Worth

The Dutch cybersecurity market is worth two billion euros, according to the company, and is expected to grow by about 8.6 per cent to three billion dollars by 2029. Much of that market consists of solutions for large companies. But smaller organisations are not separate from the value chain of the bigger brothers, and thus secure SMEs also matter. More, SMEs suffer half of all cyberattacks, with sixty per cent of victims of large-scale cyberattacks failing within six months.

With the investment raised, Eye Security aims to strengthen its presence in existing markets – such as the Netherlands, Germany and Belgium – but also expand to other European countries by 2024.