Source: Faith Omoniyi/ Techcabal
Egypt-based cybersecurity startup Buguard has raised a $500,000 Seed funding round to protect clients against dark web cyber attacks and fund expansion plans.
Buguard, an Egypt-based cybersecurity firm, has raised $500,000 in seed round. The funding round was led by A15, the leading MENA venture capital firm, with participation from angel investors. Buguard will use the funds to grow its team, focusing on product, sales, and channel partnerships.
Founded by Youssef Mohamed In 2021, Buguard offers offensive security services that protect its clients against dark web cyber attacks—including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming.
Youssef Mohamed, Founder and Chief Technology Officer of Buguard, while speaking on the raise said: “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.
Africa has not been immune to the surge in global cyber attacks. As of February 2023, approximately 90% of African businesses were operating without cybersecurity protocols in place, making them increasingly vulnerable to cyber threats like hacking, phishing and malware attacks. Per data from IBM, the average data breach cost is $4.35 million—an all-time high. Use of stolen or compromised credentials represents the most common cause of a data breach.
“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.” Karim Beshara, A15 General Partner, commented.
According to a statement seen by TechCabal, Youssef Mohamed, Founder and Chief Technology Officer of Buguard asserts that the company’s current focus is to strengthen its presence in the GCC region first, before considering any expansion plans. “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 fulfill our significant growth potential,” he said.
