Buguard, a cybersecurity firm based in Egypt, has successfully completed a Seed investment round, raising a total of $500,000 to defend clients from cyber assaults emanating from the dark web and support development plans.
The cybersecurity company Buguard, which is based in Egypt, has successfully raised $500,000 in seed round funding. Along with involvement from angel investors, the investment round was led by A15, which is the premier venture capital firm in the MENA region. The money will be used by Buguard to expand its personnel, with a particular emphasis on product, sales, and channel relationships.
Initially established by Youssef Mohamed As of the year 2021, Buguard provides its customers with offensive security services designed to defend them against cyberattacks emanating from the dark web. These services include penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming.
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Remark from Buguard’s founder
While speaking about the raise, Youssef Mohamed, founder and chief technology officer of Buguard, expressed his delight and shared that the dangers that lurk on the dark web are extremely real, constantly evolving, and continually increasing. Any firm has the potential to become a victim, so every business must always be prepared.
In addition to having a subscription-based, software as a service (SaaS) product called Dark Atlas that is more comprehensive and in-depth than any other available alternative solutions, our team at Buguard is comprised of some of the most accomplished security researchers and engineers in the world.
His exact words were, “We are delighted to announce our fundraise, and I thank A15 for its great support. The world of dark web cyber threats is very real, dynamic and growing. 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.”
The recent rise in the number of cyberattacks worldwide has also affected Africa. As of February 2023, nearly 90 percent of firms operating in Africa did not have any form of cybersecurity standards in place. As a result, these organisations were increasingly susceptible to various types of cyberattacks, including hacking, phishing, and malware attacks.
According to data provided by IBM, the average cost of a data breach has reached an all-time high of $4.35 million. The most prevalent reason for a data breach is the fraudulent use of credentials that have been stolen or otherwise compromised.
More Remarks
Karim Beshara, A15 General Partner remarked, “We have been very impressed by the domain expertise exhibited by Buguard’s security researchers and engineers and are very excited to partner with Youssef and Buguard’s best-in-class team. Threats posed by ever evolving cybercriminal tactics are a serious threat to businesses, both large and small. It is becoming increasingly important to take proactive measures to protect against these threats. Buguard does just that through its security services and Dark Atlas.”
According to Youssef Mohamed, the Founder and Chief Technology Officer of Buguard, the company’s present priority is to strengthen its footprint in the GCC region first before contemplating any expansion ambitions.
This assertion was made by Mr Mohamed: “We are already globally facing 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.”