Dubai-based SpiderSilk raises $500K in a seed round led by Global Ventures

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Dubai-based cybersecurity startup SpiderSilk has today announced about its seed funding round led by Global Ventures along with participation from FutureTech and a few other angel investors which includes Magnus Olsson, co-founder of MENA’s ride-hailing unicorn Careem. This is the very first funding round of SpiderSilk.

According to Crunchbase, this is the tenth investment of Global Ventures that has invested in startups like Tribal Credit, Lunchon, Mamo Pay, Mumzworld, HolidayMe, Kitopi and more in since its launch in 2018.

The startup helps companies improve their cybersecurity by first simulating real-life cyber attacks and then advising on how to protect against them.

The startup was co-founded last year by Rami El Malak, also the managing director of Dubai-based Five Pillars; and Mossab Hussein, former product manager of Careem and TaskSpotting.

The startup has helped tech giants like Samsung, Huawei, EA Games, Navblue, WeWork and MoviePass to identify security flaws and vulnerabilities in their applications within the public and internal infrastructure of the businesses – impacting over 120 million people.

Sharing the plans regarding the deployment of fresh funds, Rami El Malak told MENAbytes…

“We’re planning to use the investment to expand our team to build the product which we plan to offer as a ‘security as a service’ later this year.”

“We went with Global Ventures, because while we are Dubai based and are proud to be protecting our community here, the opportunity that we have is global. We are therefore not anchored to a single market or region. Global Ventures will help us expand our footprint into international markets.” Rami added

While Noor Sweid, General Partner at Global Ventures enclosing the investment round said…

“We are excited to announce Global Ventures’ investment in a top-tier cybersecurity firm such as SpiderSilk, and look forward to working closely with the founders to enable the Company to scale its growth regionally and internationally.”

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Wajiha Wahab
Wajiha Wahab

Part of the editorial team at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.
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