Buguard, an Egyptian cybersecurity startup, received $500,000 in a seed round of funding for expansion and client protection against dark web cyberattacks. MENA venture capital firm A15 led the investment round, which also included angel investors. With a focus on product, sales, and channel relationships, Buguard will expand its workforce utilizing cash.
Youssef Mohamed founded Buguard in 2021, to provide its clients with offensive security services, such as penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming, to defend them against dark web cyberattacks.
To adequately protect the assets of businesses, there is a need for the expansion of cybersecurity startups in Africa. It is reasonable to assume that sector must continue to be a top priority for both the government and innovators in the Middle East given that the Middle East cybersecurity market alone is projected to more than double from $20.3 billion in 2022 to $44.7 billion by 2027, driven by significant government economic diversification drives.
When discussing the raise, Buguard’s founder and chief technology officer, Youssef Mohamed, expressed excitement about the round as he thanked A15 for its excellent 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.
“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.
