JPMorgan makes Eye Security investments

The Dutch cybersecurity company Eye Security has raised €36 million in a Series B funding round headed by JPMorgan Chase's growth equity investment business.

Madilyn Swift

March 12, 2024

1Min Read

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Banking

For hundreds of mid-market companies in industries like financial services, automotive, manufacturing, and healthcare, Eye Security offers cyber insurance, round-the-clock monitoring, and attack response.

The company reports that it has witnessed exponential growth as the ransomware assaults and other growing threats have caused the European cybersecurity market to reach a value of €34 billion.

Additionally, it hopes to profit from the impending tailwinds brought about by the European Union's NIS2 legislation. By October, all EU members will need to incorporate NIS2 into their national cybersecurity laws, which will result in stricter deadlines for businesses to report cybersecurity breaches.

With the additional funds, Eye Security intends to grow into new European nations and improve its standing in its current markets, which include the Netherlands, Germany, and Belgium.

"Eye Security fills a critical gap in providing advanced cybersecurity and insurance coverage at an accessible price point to mid-market companies," states Christopher Dawe, managing partner at JP Morgan Growth Equity Partners. Non-enterprise businesses are still disproportionately affected and do not have the requisite crisis response resources.

In light of the impending NIS2 directive from the European Union and the ongoing dearth of talent in cybersecurity, we think Eye Security is well-positioned to assist in filling this need. We are thrilled to collaborate with the Eye and back its objectives.