Defentry raises 7 million SEK to fuel growth and profitability
The cyber safety company Defentry is boosting its cash reserves with a 7 million SEK capital injection, aimed at achieving profitability and expanding its operations.
In 2023, the number of cyberattack attempts surged significantly, affecting various sectors including government agencies, critical service providers, individuals, and small businesses. The increasing threat highlights the urgent need to enhance cybersecurity across society. Defentry plays a crucial role in this effort, providing robust cybersecurity solutions primarily to its customers in the insurance, banking, energy, and telecom sectors, who then offer these services to their customers.
Defentry adds significant value and security to its customer's offerings. For instance, the company monitors the dark web to detect when personal details have been exposed in data breaches. This monitoring is complemented by tracking changes in public registers, such as national registrations, as fraudsters often redirect victims' mail to make purchases or obtain new credit cards in their name. Defentry alerts users at an early stage via an app, providing concrete advice on how to respond.
"We use the same methods as hackers to detect identity theft at an early stage. We've built a solid platform for growth, and now our focus is on scaling the business and quickly achieving profitability. By the end of 2024, we aim to be a profitable company with around 40 percent growth. Additionally, we plan to strengthen our position in the Nordics and expand into 2-3 new markets in Europe" says Defentry's CEO, Farid Lalami.
In 2022, Defentry reported a turnover of approximately 12 million SEK with a net loss of 12 million SEK. By 2023, the company's turnover had grown to around 16 million SEK. Defentry continues to grow and develop, expanding business with several of its largest customers and securing new deals.
The company is now implementing a plan to rapidly achieve profitability while establishing a platform for sustainable long-term growth and value creation. To support this expansion, Defentry has raised 7 million SEK in a new share issue, with funds primarily from existing shareholders and new investors.
About Defentry
Defentry is a Swedish cyber safety company that provides a real-time 24/7 digital monitoring and alert service. Defentry’s SaaS platform collects global data and perform analyses on critical cyber threats. The data is aggregated and processed in Defentry’s analytics engine to proactively identify data related to fraud. The outcome of the analysis is automatically translated into warnings to companies or end-users with proposed actions on next steps - all to reduce the risk of miss-use of identity data.
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