SpiderSilk, Dubai’s cybersecurity startup raises $2.3 Mn funding

SpiderSilk, Dubai's cybersecurity startup raises $2.3 Mn funding
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Dubai-based cybersecurity startup SpiderSilk, last week, announced that it has raised $2.25 million in its pre-Series A funding round, co-led by Global Ventures and STV, with participation from several international angel investors.

Founded in 2019 by Rami El Malak, also the managing director of Dubai-based Five Pillars; and Mossab Hussein, former product manager of Careem and TaskSpotting. The company helps organisations manage and protect their attack surfaces and detect its vulnerabilities to eliminate security breaches. The company plans to use the fresh funds to grow its presence across the Middle East and North Africa (Mena) region and expand to North America.

Speaking of the latest development for SpiderSilk, Rami El Malak, co-founder at spiderSilk, in a press statement said,

“We are the first cybersecurity technology company from the region with such global aspirations, and we are thrilled by the support we’ve received from all our partners and investors. They will be instrumental in bringing our vision to life,”

He also added,

“There is a common misconception about the MENA region’s ability to develop engineering-centric, deeptech solutions, especially in the cybersecurity space where most of the technology is imported from abroad. We are excited to be part of a growing narrative that is changing that. And as such, we could not have picked better partners than Global Ventures, STV and our group of angels to support us in that endeavor.”

Ahmad AlNaimi, investment partner at STV, said,

“With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring. We’re thrilled to join Rami and Mossab in their journey as they reinvent the space of attack surface management/threat detection and expand into global markets.”

Basil Moftah, General Partner at Global Ventures

“The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cybersecurity, and protecting companies online from the increasing threats of malicious activity. It is a real pleasure to witness and be a part of their evolution. They have been our partners for a year now, and it is great to see the growth of the business as they continue to develop innovative solutions to a critical global problem,”

Global Ventures also had joined the $500K seed round for SpiderSilk in January 2020.


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