Egypt-based offensive security and dark web monitoring company Buguard secured a US$500,000 seed fund, led by A15, the leading MENA venture capital firm.
The capital is Buguard’s first external funding, with the company having been bootstrapped since its 2021 launch.
The funding was led by A15, renowned as one of the most prominent backers of early-stage start-ups in the region, with participation from angel investors. The funding will be used to grow Buguard’s team, focusing on product, sales, and channel partnerships.
“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, Youssef Mohamed, Founder, and Chief Technology Officer of Buguard, 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,” Mohamed added.
Buguard offers offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming.
Since it commenced operations, Buguard has served many of Egypt’s leading businesses in their respective fields including Paymob, Fawry, EFG-Hermes, Halan, Lucky, Thndr, MaxAB, Eksab, and Rabbit Mart, amongst others. The firm has developed a global client base spanning Saudi Arabia, the United States, France, Australia, Japan, the United Kingdom, Singapore, and the United Arab Emirates.
Alongside its existing offensive security services, Buguard is to announce the official launch of Dark Atlas, its new SaaS product for dark web monitoring and account takeover prevention.
“We have been very impressed by the domain expertise exhibited by the company’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,” Karim Beshara, A15 General Partner, commented.
The dark web is a hidden part of the internet often used by cybercriminals to distribute malware which can lead to capturing of personal credentials such as usernames, passwords, and payment card details.
The impact of such attacks can be significant, causing financial loss, reputation damage, and loss of stakeholder trust.
In its Cost of a Data Breach Report, IBM Security reported the average cost of a data breach in 2022 was $4.35 million, an all-time high.
The use of stolen or compromised credentials remains the most common cause of a data breach. Stolen or compromised credentials were the primary attack vector in 19% of breaches in the 2022 study and the top attack vector in the 2021 study, having caused 20% of breaches, according to the same report.
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