Vilnius-based Nord Security, a company known for its VPN services, announced on Thursday that it has raised $100M (approximately €95M) at a valuation of $3B  in a funding round led by Warburg Pincus, a New York-based global growth investor. 

Existing investors, including Novator Ventures and Burda Principal Investments, also participated in the round. 

Nord Security says it will use the funds to expand its product offering and accelerate growth through strategic mergers and acquisitions. 

Tom Okman, co-CEO and co-founder at Nord Security, says, “Our users’ trust allowed us to remain on a sustainable and profitable journey for more than decade. In a saturated cybersecurity market, it is not enough to offer next-gen privacy and security solutions. They also have to be intuitive for both professional and casual internet users.” 

“We will continue to address the needs of our users by bringing market-leading innovative features, informative marketing, and a holistic approach towards consumer and businesses cybersecurity needs,” adds Okman. 

The announcement comes over an year after raising $100M (approx €91.7M) in a financing round at a valuation of $1.6B.  

Nord Security: What you need to know

Nord Security was founded in Lithuania in 2012 by Tom Okman and Eimantas Sabaliauskas to create internet security and privacy tools that are easily accessible to everyone. 

At present, Nord Security’s product suite includes: 

• NordVPN 
• NordPass
• NordLayer 
• NordLocker

In 2022, Nord Security formed a group of companies with another popular consumer cybersecurity company  Surfshark. 

Surfshark’s product suite includes:

• Consumer VPN 
• Antivirus
• Online data leak detection system – Alert
• Online identity protection tool – Alternative ID 
• Private search tool – Search 
• Automated personal data removal system – Incogni

Nord Security operates in more than 20 markets and employs around 2,000 professionals globally.

Eimantas Sabaliauskas, co-CEO and co-founder at Nord Security, says, “Modern cybersecurity requires cutting-edge innovations, and that’s where our talented professionals make Nord Security stand out. Over the years we focused on fostering a community where driven experts are welcomed and enabled to make a radically better internet.”

“The Nord community, made up of individuals from all corners of the globe, works together to make sure that our users can be safer online, every day. And we believe many share our cause and our mission,” adds Sabaliauskas.

The investor

Warburg Pincus is a global growth investor with over $83B in assets under management. 

To date, the firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. 

Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $112B in over 1,000 companies in more than 40 countries. 

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. 

Amsterdam-based Truvity, a company that provides tools for self-sovereign digital identity management, announced the launch of the Truvity Platform, complete with the developer documentation suite, a demo, and access to the Truvity Platform API.

The company says that the Truvity Platform is a cutting-edge self-sovereign identity (SSI) solution developed by a team of experienced engineers. SSI gives individuals control over their digital identities, allowing them to decide who has access to their data, when, and under what circumstances. 

Keeping control of digital identity

The platform is designed to help corporate clients, developers, and experts create their own SSI solutions for managing and sharing digital identity and verifiable credentials without relying on central authorities or intermediaries. This includes driver’s licences, KYC profiles, business documents, and even complex B2B processes.

Some of the platform’s features include machine-reading documents, built-in verification tools, and lightning-fast data recall and sharing between wallets.

Here’s how Truvity API works: the holder or user will present data to the verifier. Then, the verifier will trust the data to the issuer. This is where instant trust happens, as it usually takes multiple traditional verification methods. After that, the issuer will write a verifiable data registry that the verifier can read. When all is done, the issuer can issue the necessary document. 

“The demand for identity management is in every industry. Hence, the potential for its use is unlimited, and we want to encourage developers who can harness its power to start building on this new generation of technology,” says Konstantin Mashukov, Truvity’s CEO and co-founder.

The platform was first unveiled in June as Truvity raised €8M from Artek Group, an investment group and financial services platform. The funding was utilised to develop the platform and expand operations. 

More about the platform

The Truvity platform can serve as the solution to the complicated process of traditional identification methods. The company says it’s secure, transparent, and cannot be tampered with. 

The company has tried multiple ways and taken possible measures to protect user data from identity theft and fraud, such as using cryptography and a federated platform built on AWS S3 DynamoDB. Auth0 will manage all user accounts. 

In short, the platform has multiple features: Developer-Forward Documentation and API Design, instant trust and verification, universal accessibility and support from Truvity, and robust security protocols.

The platform also helps companies meet evolving regulations and verify documents quickly and easily without the need for traditional databases or paper-based processes.

It is expected to be fully compatible with eIDAS 2.0, the EU’s updated regulation on electronic identification and trust services, when it debuts in September. This compatibility makes it easier for businesses to enter the European market and reach millions of consumers while adhering to the EU’s high standards for security, privacy, and recognition.

The demo and the team’s developer documentation are now available on Truvity’s website.

Milan-based Cleafy, a tech firm that specialises in proactive fraud prevention for the digital banking sector, announced that it has secured €10M in funding led by United Ventures through its UV T-Growth fund.

Cleafy says the funds will enable it to expand into new markets and continue advancing its technological platform. This financial backing will also help Cleafy assist businesses in countering the growing threat of online fraud.

As a result of the funding round, Cleafy’s parent company and one of the initial investors, Moviri Group, will maintain a minority ownership interest while handing over control. Moviri’s instrumental backing has been crucial in enabling Cleafy’s expansion, entry into new markets, acquisition of vital early customers and validation of its technological prowess.

Growth in cybersecurity and fraud prevention

Cybersecurity, especially fraud prevention, is witnessing rapid growth and offering substantial opportunities. The global fraud detection and prevention market is surging at an impressive rate, boasting close to 25 per cent year-on-year growth. Experts project that this market will soar to a staggering $190.93B (€‎177.49B) by 2030.

Cleafy’s solution actively identifies and prevents online banking fraud in real time, guaranteeing a safe and uninterrupted online experience for users. Its platform currently protects more than 100 million digital customers from financial online fraud.

Among Cleafy’s clients are major global banking groups such as Findomestic by BNP Paribas group and ING Bank Romania, along with rapidly growing banks and fintech firms like Illimity Bank.

Fabio Pirovano, partner at United Ventures, says, “At United Ventures, we are always on the lookout for innovative technologies that have the potential to make a significant impact. Cleafy’s real-time fraud prevention platform is a prime example of such a technology, and we have been impressed by the team’s expertise and commitment to building a safer digital world.”

“We believe that Cleafy’s technology has the potential to transform the way we approach online security and we look forward to working with the team to help them achieve their vision,” he adds.

About Cleafy

Established in 2014, Cleafy was founded by Matteo Bogana, Niccolò Pastore and Carmine Giangregorio.

Bogana has a PhD in computational physics from the Politecnico of Milan and experience as a director at the PoliHub Innovation Center for over a decade, while Pastore brings over a decade of expertise in cybersecurity, big data and distributed internet systems.  Giangregorio is a cybersecurity expert.

“Our goal is not simply to stop fraud; rather, we aim to anticipate attacks and proactively prevent fraud from occurring. To achieve this, we have developed a groundbreaking platform that pioneers the Cyber Fraud Kill Chain space,” says Bogana.

“By leveraging methodologies employed in information security to tackle cyber threats, we have established a holistic framework for combating cyber fraud. The exceptional results achieved by our customers showcase the effectiveness of our distinctive approach and technology,” he adds.

Cleafy operates in a fast-growing market driven by increasing cyber fraud. The growing adoption of digital financial products, the implementation of instant payment systems and customer expectations regarding security and speed have generated a need for seamless user experiences combined with robust, concealed security measures.

To confront this challenge, Cleafy offers a platform designed to monitor all digital channels, which include web applications, mobile applications and open banking interfaces. This enables clients to proactively safeguard against financial losses while delivering online experiences to their users.

Cleafy’s Threat Intelligence team has played a pivotal role in detecting advanced cyber threats that target global banking institutions in recent years. Their technical intelligence reports, known as Cleafy LABs reports, have gained recognition as a primary resource for fraud analysts and threat hunters worldwide.

Cleafy LABs also collaborates closely with CERTFin, the Italian Financial Computer Emergency Response Team, to produce periodic strategic reports that provide insights into the evolving threat landscape within the financial sector.

Sweden-based Pointsharp, a cybersecurity solutions provider, announced on Thursday, August 10, that it has acquired Germany-based identity management specialist SIVIS to solidify its presence in the German market.

Pointsharp says that the  acquisition will contribute to its growth journey and helps the company improve its arsenal of cybersecurity products. 

The merger is also expected to allow Europe to achieve data sovereignty as many organisations still rely on providers outside the region.

Niklas Brask, managing director at Pointsharp, highlights the importance of the merger as the company is rapidly developing.

“By partnering with SIVIS, we are extending our portfolio with a strong Identity Management for SAP and Microsoft environments as well as role management, compliance checks and pioneering AI products in enterprise security,” says Brask.

“The merger with Pointsharp, known for strong and secure authentication in complex enterprise landscapes and encryption solutions, is an exciting development. This strategic move will enable us to offer our customers enhanced security throughout the entire identity lifecycle,” say Boris Grothues and Philipp Latini, co-CEOs at SIVIS.

Pointsharp also says its acquisition of SIVIS coincides with an increasing demand for a one-stop solution that can support an organisation’s digital journey while providing security and ease of access.

Backed by Main Capital Partners

Since 2020, Pointsharp has received backing from Dutch private equity firm Main Capital Partners. Main aims to support Pointsharp’s international expansion plan via a buy-and-build strategy. 

“We are delighted with the improved international outlook for the group as it also simultaneously adds strong and complementary solutions to the already impressive service offering,” says Wessel Ploegmakers, partner and co-head of the Nordics office at Main.

In 2021, Pointsharp added Swedish security provider SecMaker to its portfolio. The addition of SecMaker to the group enhanced Pointsharp’s product offerings. SecMaker is known for its proprietary Net iD suite. The technology offers solid authentication, encryption, and digital signature for corporate security.

In 2022, Pointsharp acquired Cryptshare to further strengthen its position as a leading software provider in the European market. Cryptshare is recognised for its inventive security solutions for digital communications in organisations.

Oslo-based Pistachio (formerly CYBR), a cybersecurity training platform empowering individuals and organisations to stay safe in the digital world, announced on Thursday that it has secured €3.25M in a fresh round of funding.

The round was led by Berlin-based Signals Venture Capital. The investor group is made up of Norwegian pension fund MP Pensjon and all of Pistachio’s existing investors.

To date, the company has raised €5.4M in funding.

Pistachio has also launched an AI-driven security training platform to assist European corporations in combating cybersecurity threats caused by human errors.

Capital utilisation

Pistachio says it will use the funds to accelerate growth and expand into new European and North American markets. The company already has monthly recurring revenue of €60,000 and over 100 customers spanning eight European countries.

Mohammed Awais, co-founder & CEO of Pistachio, says, “We are extremely happy to welcome our new investors onto the Pistachio journey. Already early on, we realised the tools available for companies to protect themselves were outdated and generic, not really set up to counter modern threats.” 

“With our new investors on board and our platform out on the market, we are ready to revolutionise how companies deal with security threats,” adds Awais.

Tailored cybersecurity training

Founded in 2022, Pistachio is a cybersecurity platform dedicated to securing organisations in the digital age. They provide customised training to protect teams from evolving threats, aiming to make cybersecurity uncomplicated and hassle-free.

The company differentiates itself by employing advanced automation and rapid integration, requiring only minutes instead of months. This offers companies instant platform access, contrasting with the industry’s customary lengthy integration periods.

Awais says, “The emergence of easy-access AI technology has changed the ballgame completely for cyber security.”

For example, where scammers previously sent out generic phishing emails to large groups and hoped to get lucky, they are now able to tailor their attempts to individual targets with minimum effort. Without individualised cyber security training, many of these attacks will succeed,” adds Awais,

Pistachio is an established leader in the Scandinavian cybersecurity sector, experiencing 325 per cent ARR growth since the previous year. It is now set to expand into Europe and subsequently target the North American market.

Established as CYBR, Pistachio currently has 26 employees.

QuoIntelligence, a Frankfurt-based cyber intelligence startup, announced on Thursday that it has secured €5M in seed funding. 

The company says the funds will go towards growing the internal team, enhancing products and services, and expanding its market reach significantly.

Investors rally behind QuoIntelligence’s goals

eCAPITAL Entrepreneurial Partners, a DeepTech VC investor with a successful portfolio comprising European cybersecurity startups like VMRay, Tenzir, and Exein, led the round.

Dirk Seewald, a partner at eCAPITAL, conveyed his enthusiasm for the company’s potential and eagerly anticipated collaborating with the team.

“Threat intelligence is a wide application domain. QuoIntelligence is uniquely positioned as a European vendor with a highly automated and differentiated service, that reaches not only large corporates, but opens up the huge mid-market,” he says.

Ari Bizimis, founding investor of QuoIntelligence, envisions the company rising to become Europe’s leading threat intelligence provider in the future.

“As the founding investor of QuoIntelligence, we welcome eCAPITAL as the top German cybersecurity VC firm to be part of this success story,” he says.

“We have immense confidence that eCAPITAL’s extensive experience in scaling cybersecurity companies will play a pivotal role in fostering QuoIntelligence’s significant growth. With this partnership, we foresee QuoIntelligence’s ascension as the preeminent threat intelligence provider across Europe in the coming years.”

Empowering businesses with threat intelligence

Founded in 2020, QuoIntelligence offers organisations the services to reduce operational risks and make informed security decisions by delivering timely and tailored threat intelligence that caters to their specific needs.

“As a growing number of organisations wake up to threat intelligence’s vital role in their business, this funding allows us to boost our threat intelligence offering, recruit top talent, and deliver unrivalled value to our customers,” says Marco Riccardi, CEO and founder of QuoIntelligence.

“By continuing to seamlessly integrate technology and talent, we continue our mission to be Europe’s top threat intelligence partner.”

Amid the fast-evolving risk profile of remote work and the rapidly changing geopolitical situations worldwide, the significance of cybersecurity awareness has gained tremendous momentum. Organisations, however, have yet to optimally address cyber risks.

Taking on a pivotal role, QuoIntelligence educates businesses about the indispensable nature of threat intelligence. The company tries to achieve this by integrating threat intelligence into a comprehensive cybersecurity strategy, so organisations can effectively maximise their cyber resilience while minimising potential risks.

It sets itself apart by delivering a comprehensive range of services — Digital Risk Protection, exclusive Threat Intelligence, and empowering Risk Intelligence to drive strategic decision-making. 

Leveraging “cutting-edge solutions,” clients gain access to vital Finished Intelligence, enabling them to take a proactive stance in defending against a diverse array of cyber and geopolitical threats.

Its extensive reach across vital sectors, encompassing finance, government, insurance, manufacturing, semiconductor, retail, transportation, and beyond is noteworthy.

Covering Germany, Italy, Spain, and the US, QuoIntelligence extends its services to a broad customer base in the EU. As part of its strategic vision, the company is actively working on expanding its service portfolio and geographical footprint.

London-based Facia, a face recognition technology company, announced on Wednesday, July 19, that it has raised $1.2M (approximately €1M) in a funding round led by angel investor Programmers Force. 

“Facial recognition technology is the future, and we strongly believe that Facia will be one of the pioneers in this industry. We want to help them expand, enter new markets and constantly innovate their technology to achieve groundbreaking results for the future of digital security,” says Khurram A., CEO of Programmers Force

Facia says it will use the funds to accelerate research and development initiatives and pave the way for its expansion into new markets, especially North America, Europe & MENA. 

Facia: Biometric authentication pioneer

Led by Mujadad Naeem, Facia is a pioneer in biometric authentication and face recognition technology. 

The company’s technology provides accurate identification and verification using advanced liveness detection and facial analysis algorithms.

The UK company’s facial recognition technology assists businesses in streamlining their processes and boosts security measures for various industries, including finance, retail, healthcare, and government services. 

The company’s technological capabilities allow them to devise and create solutions independent of any hardware requirements, and can be customised according to the needs of a business.

Currently, the London company provides a range of services, including biometric authentication, face matching, liveness detection, photo ID verification, age estimation, and more.

“We have created a product that supports business globally and ensures that they provide a seamless onboarding experience to their customers. Facia will revolutionise digital security, and we are indebted to those who support us, particularly Programmers Force,” says Mujadad Naeem, CEO FACIA.

Hamburg-founded Graylog, a provider of SIEM and log management solutions, announced on Wednesday that it has acquired Resurface.io’s data-driven API security platform. 

The company says that with this acquisition, enterprise customers will now have access to a comprehensive API security Threat Detection and Incident Response platform to combat the ever-evolving challenges in the API security landscape.  

The product will be named Graylog API Security. 

Resurface.io’s Founder, Rob Dickinson, says, “I am thrilled to become a part of Graylog and help contribute Resurface’s expertise in API security to their innovative portfolio. Resurface.io’s solution takes a SIEM approach to solve the API Threat Detection issue, so there are many synergies. The Resurface API technology and solution will enable Graylog to reach a broader audience, accelerate product advancements, and provide customers unparalleled API ecosystem protection.”

Benefits of Resurface API solution

As APIs become one of the most exposed attack surfaces, Resurface.io’s technologies will help customers fortify their defences against API-related threats. 

By seamlessly integrating the Resurface API solution, which captures comprehensive API traffic data to gain insights into attacks and threats, with Graylog’s existing SIEM solution, customers will enjoy enhanced API security monitoring, threat detection, and incident response capabilities.

One advantage of Graylog API Security is its ability to collaborate with existing Web Application Firewalls (WAF) and API gateways, providing an additional layer of defence that effectively addresses sophisticated attacks from authenticated users. 

Often, these attackers gain entry masquerading as trial users, partners, or even paying customers. 

This streamlined approach not only minimises disruptions to the security team but also results in noteworthy improvements to the overall security posture of the organisation. 

According to the company, key advantages of Graylog’s API security solution include:

• Guided Threat Detection & Response – out-of-the-box alerts 
• Continuous, Uninterrupted Monitoring 
• Full Request AND Response Payload 
• Secure Self-Managed Solution
• Effortless Implementation & Maintenance

Graylog Security: Game-changing cybersecurity solution

Graylog Security is a cybersecurity solution that offers robust, cost-effective ways to protect organisations against cyber threats. 

Using AI/ML, security analytics, advanced log management, and intelligent alerting, Graylog enables organisations to stay ahead of threats. 

Graylog CEO, Andy Grolnick, says, “APIs have rapidly become a favoured attack surface for cybercriminals as attacks in Europe reach peak levels. Yet, not unlike the “emperor has no clothes” fable, most APIs are exposed due to lack of security monitoring, authentication issues, and other vulnerabilities.” 

“This has led to the theft of millions of personal records (PII), ransomware, and other damaging attacks. What is needed is a purpose-built API security solution focused on the detection of and response to API-specific threats, working in concert with a SIEM to provide a more complete defense,” Grolnick adds.

London-based Netcraft, a cybercrime detection company, announced on Tuesday, July 18, that it has raised over $100M (approximately €89M) from Spectrum Equity, a growth equity firm focused on internet-enabled software and data services companies.

Netcraft says the investment will help accelerate its strategic plans to drive growth and expand globally.

“This significant funding will help us accelerate progress toward our mission of detecting and disrupting cybercrime at scale to create a safer online experience for everyone,” says Ryan Woodley, newly appointed CEO of Netcraft. 

“Powered by an exceptionally talented team, Netcraft’s speed, scale, and effectiveness is unmatched in the global fight against cybercrime. I am excited to join this team and work alongside a distinguished group of customers and partners in furthering our innovative approach to protecting the world from cybercrime,” adds Woodley. 

Appointed new CEO

Besides funding, the company also appointed experienced technology executive Ryan Woodley as its new CEO. 

Woodley has decades of experience leading growth-oriented technology companies and an established success track record. He was previously CEO of Progressive Leasing, a financial technology company, which grew from approximately $220 million to $2.5 billion in revenue and went public during his tenure. 

He also served as COO and CFO at DigiCert, the world’s largest high assurance digital security certificate authority, which roughly tripled in size during his tenure and was successfully sold to a private equity firm. 

Most recently, Ryan has served on the boards of high growth technology companies, PDQ.com and Conservice.

Netcraft: Provides cybercrime detection and disruption services

Founded by Mike Prettejohn, Netcraft offers cybercrime detection and disruption services to protect organisations of all sizes from digital threats and attacks. 

The company aims to detect and disrupt cybercrime at scale through constant innovation, extensive automation, and unique insight. This delivers a safer online experience for everyone. 

Headquartered in the UK, Netcraft works with three of the largest companies, twelve of the largest banks, and the governments of five of the largest economies in the world. 

The Investor

Spectrum Equity is a growth equity firm providing capital and strategic support to innovative companies in the information economy. 

“Mike and his incredible team have built a truly differentiated offering for organisations of all sizes looking to stop cyberattacks,” says Parag Khandelwal, Managing Director of Spectrum Equity. 

“Its scale is a testament to its effectiveness – Netcraft has blocked more than 173 million malicious attacks and takes down more than 15 million cyberattacks each year. Netcraft destroys roughly one-third of all global phishing attacks on behalf of its customers. We’re honoured to partner with this company and work closely with Ryan to help bring its solutions to more organisations worldwide,” adds Khandelwal.

London-based Checkout.com, a global payments solution provider, announced on Tuesday the launch of Identity Verification. This is the company’s first product focused on improving customer onboarding and identity verification.

Checkout.com says its latest product utilises proprietary artificial intelligence and is trained on billions of identity and facial recognition documents. 

Identity Verification is tailored for Fintechs, Rental and Hiring companies, Gaming, and Government organisations for quick customer verification. 

Verifies customers in under 120 seconds

Leveraging vast ID documents across 195 countries, Checkout.com Identity Verification can verify nearly every citizen. In beta alone, it has verified over 10M identities and identified over 1 million fraudulent identities.

Additionally, it removes the complexity of requiring specific app or software compatibility. It now allows users to verify their identity anytime and anywhere, requiring only an internet connection.

Through video technology, the AI analyses various elements, including hologram and colour changes, transparency, and opacity, while the identity document is moved. 

Additionally, the AI utilises short and simple facial movements performed by the user to swiftly identify potential deep fakes or fraudulent identity documents.

The platform’s verification time from start to completion is 120 seconds for 90 per cent of users. 

70 per cent of identities are verified in less than 20 seconds. Any identities that cannot be verified in that time are passed to a dedicated team for a systematic human review. 

These experts have been trained by customs police officers on ID document security features and face match methodology. 

“We deeply believe in the intersection between digital payments and online identity verification. Legacy systems requiring an appointment with a human being or limited to certain days a week are not conducive to the long-term growth of the digital economy,” says Meron Colbeci, Chief Product Officer at Checkout.com.

“By utilising AI and algorithms trained on billions of data points alongside a video stream that simply requires an internet connection, we can now verify identity documents to facilitate customer onboarding and comply with KYC requirements quickly and accurately”, adds Colbeci.

Checkout.com: Helping businesses process and take payments online

Founded in 2012 by Guillaume Pousaz, Checkout.com sells a software platform that makes it easier for businesses to process and take payments online. 

The company claims its flexible solutions, granular data, and instant insights help enterprises launch new products in new markets and create great customer experiences.

Checkout.com also provides fintech companies with a cross-border payment solution for digital commerce. The business offers direct access to domestic acquiring across payment methods and geographies. This includes all major credit and debit cards, online banking, PayPal, Apple Pay, and other eWallets. It provides payments in more than 150 currencies.

The UK company works with global clients, including Sony, Wise, GE Healthcare, and Shein.