JPMorgan Chase’s growth equity investment unit has led a €36 million Series B funding round for Dutch cybersecurity firm Eye Security.
Eye Security provides 24/7 monitoring, attack response, and cyber insurance to hundreds of mid-market businesses across various sectors, including financial services, automotive, manufacturing, and healthcare. The company has experienced rapid growth as the European cybersecurity market has reached €34 billion, driven by increasing threats, such as a rise in ransomware attacks.
Eye Security aims to leverage the upcoming opportunities presented by the NIS2 directive issued by the European Union, which mandates member states to incorporate NIS2 into their national cybersecurity legislation by October. This will impose stringent cybersecurity breach reporting timelines for companies.
With the new funding, Eye Security plans to strengthen its presence in existing markets like the Netherlands, Germany, and Belgium, while also expanding into additional European countries.
Christopher Dawe, managing partner at JP Morgan Growth Equity Partners, stated, “Eye Security fills a critical gap in providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies. Non-enterprise companies are disproportionately affected and often lack the necessary incident response capabilities.
“When considering the upcoming European Union NIS2 directive alongside a persistent cybersecurity talent shortage, we believe Eye Security is well positioned to help address this gap. We are excited to partner with Eye Security and support the company’s mission.”