JPMorgan Chase's growth equity investment unit has led a €36 million Series B funding round for Dutch cybersecurity firm Eye Security.
Eye Security provides 24/7 monitoring, attack response and cyber insurance to hundreds of mid-market businesses in sectors such as financial services, automotive, manufacturing and healthcare.
The firm says it has seen rapid growth as the European cybersecurity market has hit €34 billion amidst rising threats, including a spate of ransomware attacks.
It also expects to capitalise on the upcoming tailwinds generated by the NIS2 directive issued by the European Union. EU member states must transpose NIS2 into their country’s national cybersecurity legislation by October, meaning stringent cybersecurity breach reporting timelines for companies.
With its new funding, Eye Security plans to strengthen its position in its existing markets, such as the Netherlands, Germany, and Belgium, while also expanding into new European countries.
Christopher Dawe, managing partner, JP Morgan Growth Equity Partners, says: “Eye Security fills a critical gap in providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies. Non-enterprise companies continue to be disproportionality impacted and lack the necessary incident response capabilities.
“When contextualised with the upcoming European Union NIS2 directive and a continued cybersecurity talent shortage, we believe Eye Security is well positioned to help address this gap. We are excited to partner with the Eye and support the company’s mission.”