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Egyptian cybersecurity startup Buguard secured $500K Seed funding for GCC growth

The company Buguard, which provides offensive security and dark web monitoring, has raised US $500,000 in seed money to support its growth in the GCC.

Youssef Mohamed founded Buguard in 2021, which provides offensive security services like threat intelligence, red teaming, phishing simulation, compromise assessment, and penetration testing and vulnerability assessment.

The startup has worked with many of Egypt’s top companies since it began operations, including Paymob, Fawry, EFG-Hermes, Halan, Lucky, Thndr, MaxAB, Eksab, and Rabbit Mart, among others. Additionally, it has grown a global clientele that includes countries like Singapore, the United Arab Emirates, Australia, Saudi Arabia, the United States, France, and Japan.

MENA venture capital firm A15, along with angel investors, led the US $500,000 seed round for Buguard. The startup will use the money to hire more employees and expand this year into the GCC region. Up until now, it has solely relied on bootstrapping.

Buguard, in the meantime, has introduced Dark Atlas, a new SaaS product for dark web monitoring and account takeover defense.

“We are delighted to announce our fund raise, and I thank A15 for its great support. The world of dark web cyber threats is very real, dynamic and growing. Any company can be a victim and one must be prepared. Our team at Buguard is hand-picked and includes some of the world’s leading security researchers and engineers, coupled with a subscription-based, SaaS product – Dark Atlas – that goes broader and deeper than existing alternative solutions,” said Mohamed.

“We are already globally-facing with clients across the world, but our immediate strategy is to grow even stronger in the GCC. We look forward to expanding into Saudi Arabia during 2023 and using our proceeds to help fulfil our significant growth potential.”

The general partner at A15, Karim Beshara, said his company was “very excited” to partner with the startup because of the domain knowledge displayed by Buguard’s security researchers and engineers.

“Threats posed by ever evolving cybercriminal tactics are a serious threat to businesses, both large and small. It is becoming increasingly important to take proactive measures to protect against these threats. Buguard does just that through its security services and Dark Atlas,” he said.

 

 

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