Defendify, whose SaaS cybersecurity platform is targeted at the 500 seat and under market, has also filled out their senior executive ranks with net-new sales and marketing hires.
Today, Defendify, which makes an SMB-focused SaaS cybersecurity platform, is announcing that they have closed their $2 million seed round. They plan to use the funding to further build out their support and marketing roster, expand their channel and their own senior executive team, and further develop the product.
Defendify came to market in the fall of 2018, with an automated platform of 13 solutions through a single pane of glass that they sell through the MSP channel, with the sub-500 seat market being their sweet spot.
‘We still have the same number of solutions, but we have added new features to the ones that are there,” said Rob Simopoulos, Defendify’s co-founder. “For example, we have added a multi-admin capability so MSPs can manage all customers from within one portal. We have also added compliance mapping into cybersecurity checkup. It lets the customer be taken through tools so that questionnaires are now all mapped and they can visually fit in their support.
“We have also developed a prospecting guide for MSPs, Simopoulos added. “They can utilize Defendify’s tools when they go to prospects. They can run scanning and tests, get a grade and showcase where the customer’s weaknesses are. They can use this both to help current customers and prospect for new ones.”
Defendify earlier had a pre-seed round of $1.6 million to help build the product. This seed round of 2 million expands the number of different venture capital groups who are investing in the company. In addition to further investment from existing investor 3dot6 Ventures, which led this round as well, York IE, Maine Technology Institute (MTI), Maine Venture Fund (MVF), FreshTracks Capital, and Wasabi Ventures also took part.
“We’ve doubled the size of the company since last summer, and with the new investment, we are expecting to do that again,” Simopolous said. “The additions are in a number of different spots, including the partner success team and the engineering team.
“We have also started to build out our management team,” he added. “We just added a new head of sales and a new head of marketing. These are both net new positions. We have also expanded our partner base significantly. We have had a massive increase in the number of partners in North America. Outside North America, we have been growing in Australia and the UK. We are seeing increasing interest in MSPs who are going beyond AV and firewalls”
Simopolous also stressed that the new funding will enable further investment in the product itself.
“We have a lengthy road map of things to do, which include improving the current modules and expanding beyond them,” he stated. “We will also improve our channel support further, and increase investment in marketing to continue growing awareness.”
The company is also involved in other types of initiatives.
“We have launched a podcast continuing interviews in different areas of cybersecurity,” Simopolous said. “Last month, we interviewed a teacher and students from a high school paths program, where they do 70% of their time in cybersecurity training and 30% in normal school. It’s like mechanics and woodworking programs in schools. Many of these students get hired without university.”
Defendify expects that the SMB cybersecurity space will continue to post very strong growth.
“I’m seeing a change in awareness in the small business arena,” Simopolous said. “Business owners increasingly realize that cybersecurity is a spot where they have to make an investment. Enterprise organizations that are doing business with small business are increasingly doing cybersecurity assessments on these small businesses, asking them things like if they have ever done scanning and testing. The small businesses are often caught off guard by this. With the increase in the number of assessment requests, they realize they need more comprehensive protection.”