Egyptian-run cybersecurity startup, Buguard has announced raising the sum of $500,000 in seed funding to enable it achieve its expansion drive into the Gulf region.
According to the founder and CEO of the Cairo-based offensive security and dark web monitoring company, Youssef Mohamed, the funds will afford the startup the opportunity to “offer its offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming” to clients in the region.
The seed round, Mohamed said, was led by A15, a MENA venture capital firm, with participation from angel investors, and was the first external funding the startup had taken on, having bootstrapped since it commenced operations.
“We are delighted to announce our fund raise, and I thank A15 for its great support. The world of dark web cyber threats is very real, dynamic and growing,” Mohamed said.
“Any company can be a victim and one must be prepared. Our team at Buguard is hand-picked and includes some of the world’s leading security researchers and engineers, coupled with a subscription-based, SaaS product – Dark Atlas – that goes broader and deeper than existing alternative solutions.
“We are already globally-facing with clients across the world, but our immediate strategy is to grow even stronger in the GCC. We look forward to expanding into Saudi Arabia during 2023 and using our proceeds to help fulfil our significant growth potential,” he added.
The startup has served many of Egypt’s leading businesses in their respective fields, including Paymob, Fawry, EFG-Hermes, Halan, Lucky, Thndr, MaxAB, Eksab, Rabbit Mart, amongst others, while also developing a global client base spanning Saudi Arabia, the United States, France, Australia, Japan, the United Kingdom, Singapore, and the United Arab Emirates.