Welcome to 2023! I hope you had an excellent holiday season if you celebrated and a Happy New Year!
In this week's issue:
2022 Year In Review
I'll keep this light since we're just getting the year started off.
This week's issue will be a bit different than other weeks in that I will be covering a longer time period than normal. This issue will cover the final three weeks of December and how the year rounded out.
December 2022 in the cybersecurity industry had a similarly strong finish to December 2021, with several late-in-the-game funding rounds. There was a healthy mix of later-stage venture funding, debt financing rounds, and stealth launches with fresh seed rounds.
The later-stage ventures will bolster startups' cash flow to weather the macroeconomic storms carrying over into much of 2023, and the seed-stage deals will get the chance to build and grow on a less-than-ideal foundation. Those new startups that can find product market fit and traction in this environment will create operationally strong companies that will grow for years to come.
In case you missed it last week, I put out my first annual report called The State of Cybersecurity in 2022 and Trends and Predictions for 2023. It covers my observations from 2022 and makes some big predictions for what 2023 might hold from a market and innovation standpoint.
Also, don't forget that you're just one referral away from getting access to an Airtable database with all the curated links from every issue of Security, Funded.
Let's crush it this year! 💪 Onward to this week's issue.
Wish you were growing sales faster?Proven strategies to grow sales at your cyber security companyGrowing sales at a cybersecurity startup is hard. Maybe you are thinking how do I get the next 30 customers? How do I get noticed in a very noisy market? How can our sales team sell more, faster? If this sounds familiar, subscribe to Sales Bluebird, the newsletter for leaders and go-to-market teams at cybersecurity companies. Every week we tackle the go-to-market challenges every startup faces.Subscribe to Sales Bluebird
📊 Industry News
💰 Funding Summary
22 companies raised $494.5M across 16 unique product categories
13 companies were acquired or had a merger event across 4 unique product categories
🧩 Funding by Product Category
$196.6M for Application Security
$120.0M for Distributed Ledger Technology (DLT) Security
$50.0M for Cyber Insurance
$45.0M for Fraud and Financial Crime Protection
$34.0M for Threat Detection and Response (TDR)
$17.2M for Data Protection
$13.5M for Machine Learning (ML) Security
$6.0M for Personal Cybersecurity
$5.0M for API Security
$3.8M for Managed Security Services Provider (MSSP)
$3.1M for Privileged Access Management (PAM)
$300.0K for Remote Browser Isolation
An undisclosed amount for Threat Informed Defense (TID)
An undisclosed amount for Threat & Vulnerability Management (TVM)
An undisclosed amount for SaaS Security
An undisclosed amount for Data Privacy
🏢 Funding By Company
Pindrop, a United States-based voice authentication and biometric platform to prevent fraudulent activity, raised a $5.0M Venture Round.
Evo Security, a United States-based managed identity and access management platform for MSSPs, raised a $3.8M Venture Round.
Zecurity, a United States-based remote browser isolation platform, raised a $300.0K Seed.
QWERX, a United States-based secrets management platform, raised a $200.0K Debt Financing Round.
DigitSec, a United States-based Salesforce application security platform, raised a $100.0K Seed Round.
Fortified Health Security, a United States-based managed security services provider (MSSP) focused on the healthcare industry, raised an undisclosed Venture Round from Health Velocity Capital and Silversmith Capital Partners.
🌎 Funding By Country
$331.4M for United States 🇺🇸
$100.0M for United Kingdom 🇬🇧
$34.0M for Germany 🇩🇪
$20.0M for Switzerland 🇨🇭
$6.0M for Israel 🇮🇱
$3.1M for Australia 🇦🇺
An undisclosed amount for China 🇨🇳
🤝 Mergers & Acquisitions
🔐 Secure The Job
Browse the jobs I curate each week and apply for what matches your interests.
Post a role and request access to meet world-class candidates open to new opportunities. Learn more or request access here.
📚 Great Reads
The State of Cybersecurity in 2022 and Trends and Predictions for 2023 - Here is the first annual report from Return on Security looking back on the state of the cybersecurity industry in 2022 and l what I think 2023 might hold.
NSA 2022 Cybersecurity Year in Review - The National Security Agency published its 2022 Cybersecurity Year in Review today to share its mission focuses and demonstrate how it is producing cybersecurity outcomes for the nation
Digital Switzerland Strategy 2023 - The Digital Switzerland Strategy sets the guidelines for Switzerland’s digital transformation and focuses on "digital sovereignty" to include security and trust for individuals.
Looking to up your CISO game? Check out Talking Heads by Seedata.io!In a world where AI can generate content like it's nobody's business, we at Seedata.io still believe in the power of having awesome convos with awesome people. Let's get real, nothing beats a good chat. So, we’ve launched “Talking Heads”, where we will be interviewing CISOs (and other roles that interact with CISOs) to share best practices and insider knowledge on how to be a great CISO.In our 2nd interview, we sat down with Lee Morton, Information Security Officer @ On the Beach. Check out Lee's secrets for keeping his team pumped up and his boss happy, and much more!Check out the second episode
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Thanks for reading, and see you again next time!