TIIN Capital Invests in InsurTech Eye Security
TIIN Capital's fund Dutch Security TechFund is investing € 4.5 million in Eye Security. With this, the TIIN Capital fund further fulfills the goal of making society digitally safer. Eye Security is the first European cyber security company to unburden SMEs with a total package of cyber security solutions, combined with cyber insurance. With the capital injection, the company can continue to grow.
The Netherlands has more than two million companies in the medium and small segment. The threat of cyberattacks has risen sharply in recent years, especially in this segment. Eye Security makes high-quality security accessible to the most vulnerable companies. With the investment of TIIN Capital, the product will be further developed to help more companies protect themselves to nowadays digital threats.
Expansion to new regions
The most recent investment round offers Eye Security room to expand internationally. CEO of Eye Security Job Kuijpers is excited about the investment of the Dutch Security TechFund:
“Thanks to the scalability of our product, we make cyber security accessible and affordable for companies that until recently were on their own. With the support of TIIN Capital, we will continue to roll out our services in Europe, starting in Belgium and Germany.”
Maarten Derks of TIIN Capital: “Cyber security is a very relevant topic given the current situation in Europe and the increasing digitisation. Never before have so many companies been victims of cybercrime. More and more entrepreneurs are becoming aware of this. It is not without reason that Eye Security is growing by 150% per quarter”.
From scale-up to Insurtech
Worldwide, more and more insurers are withdrawing from the cyber domain because the risk of a cyber-attack cannot be controlled without the right security measures. This is where Eye Security sees opportunities to further differentiate its services. With the total package of Eye Security, companies are no longer uninsurable, because the combination of security measures drastically reduces the risk of an attack and also minimizes the impact. To remove the risks of cyber crime from the balance sheet completely, Eye Security will soon also insure the residual risk for its customers. By offering cyber insurance, Eye Security positions itself as the first European Insurtech in the field of cyber security.
Saskia Bruines, Deputy mayor for the Municipality of The Hague: “With the investment in this cyber security company from The Hague, we are taking a major step towards effectively combating cybercrime. Entrepreneurs get a practical solution to protect themselves against cyber criminals. This is beneficial for both the resilience of companies and the city of The Hague.”
About TIIN Capital – Dutch Security TechFund
TIIN Capital was founded in 1998. The sixth venture capital fund was started at the beginning of 2019; Dutch Security Tech Fund. Dutch Security TechFund has a specific sector focus and approach: startups and scale-ups in cyber security and IoT Security. The fund's strategy is to invest in strong and innovation-oriented teams. By collaborating with corporates and (semi) governments in Europe, among other things, TIIN Capital has created a unique ecosystem in which it collaborates with Security Delta (HSD) based in The Hague and the European Cyber Security Organisation (ECSO) in Brussels. For more information: https://tiincapital.nl/dutch-security-techfund/