Dubai-based cybersecurity firm spiderSilk, has raised a $2.25 million pre-Series A funding round, co-led by Global Ventures and STV, with participation from several international angel investors.
Founded in 2019, spiderSillk helps organisations manage and protect their attack surfaces and detect its vulnerabilities to eliminate security breaches. The company plans to use the fresh funds to grow its presence across the Middle East and North Africa (Mena) region and expand to North America.
“We are the first cybersecurity technology company from the region with such global aspirations, and we are thrilled by the support we’ve received from all our partners and investors. They will be instrumental in bringing our vision to life,” said Rami El Malak, co-founder at spiderSilk.
“There is a common misconception about the Mena region’s ability to develop engineering-centric, deeptech solutions, especially in the cybersecurity space where most of the technology is imported from abroad. We are excited to be part of a growing narrative that is changing that. And as such, we could not have picked better partners than Global Ventures, STV and our group of angels to support us in that endeavor,” he added.
With the digital transformation leap triggered by the pandemic, businesses of all sizes across the globe have become more vulnerable to malicious activity, which highlights the need for proactive and effective cybersecurity measures.
Ahmad AlNaimi, STV investment partner, said: "With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring. We're thrilled to join Rami and Mossab in their journey as they reinvent the space of attack surface management/threat detection and expand into global markets."
“The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cybersecurity, and protecting companies online from the increasing threats of malicious activity. It is a real pleasure to witness and be a part of their evolution. They have been our partners for a year now, and it is great to see the growth of the business as they continue to develop innovative solutions to a critical global problem,” said Basil Moftah, General Partner at Global Ventures, which previously led the startup’s seed round back in 2019.