TIIN Capital’s fund, Dutch Security TechFund, announced that it has invested €4.5M in Eye Security, The Hague-based cybersecurity company.
The Dutch company says it will use the funds to accelerate product development to help protect companies from cyber attacks.
The announcement comes just a few weeks after investing $3M (approx €2.73M) as Seed funding in BreachLock to accelerate its market expansion.
Cyberattacks in the SMEs segment have risen sharply in recent years. The Netherlands has over 2M companies in the medium and small segments.
Consequently, more insurers are withdrawing from the cyber domain due to the risk of a cyber-attack that cannot be controlled without the ideal security measures.
This is where Eye Security sees opportunities and fills the gap.
Piet Kerkhofs, Vincent van de Ven, and Job Kuijpers founded Eye Security in 2020 to make high-quality security accessible to the most vulnerable companies.
The company is on a mission to use its expertise to protect SMEs in Europe.
The company offers solutions combined with cyber insurance, making cyber threats in SMEs manageable. To remove the risks of cybercrime from the balance sheet, the Dutch company will soon insure the residual risk for its customers.
TIIN Capital was founded in 1998, and started with its sixth venture capital fund in 2019 – one of them being Dutch Security TechFund.
This fund is sector-focused and backs startups and scale-ups in cybersecurity and IoT Security. The firm works together with Security Delta in The Hague, the Netherlands, and the European Cyber Security Organisation (ECSO) in Brussels, Belgium.
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