Founded by a team of Dutch Intelligence and Security Services experts in The Hague, Eye Security has experienced rapid growth, now boasting a diverse team of over 100 professionals across three countries. The company's pioneering approach makes enterprise-level 24/7 cyber protection, incident response, and cyber insurance available to mid-market businesses. Eye Security is trusted by hundreds of customers across sectors ranging from automotive, manufacturing, healthcare, financial services and information technology, among other industries.
With this new round of funding, Eye Security plans to deepen its presence in existing markets, such as the Netherlands, Germany, and Belgium, while also expanding across select European countries in 2024. In doing so, Eye Security is committed to continuing its delivery of high-quality, people-led cybersecurity solutions that have earned the trust and appreciation of their current clients.
Europe has a €50 billion cybersecurity market that is expected to grow at a CAGR of ~10.8% through 2029 to reach a €85+ billion market opportunity. Despite the large and fast-growing market, much of this spending goes towards protecting large enterprise companies, and leaves many of the remaining 24.4 million companies in the EU vulnerable to cybersecurity attacks. Protecting non-enterprise businesses has become increasingly important as they are the recipient of ~50% of all cybersecurity attacks and subsequently, 60% of those that are hacked go out of business within six months.
NIS2 directive
Eye Security is also positioned to capitalise on the upcoming tailwinds generated by the NIS2 directive issued by the European Union. EU member states must transpose NIS2 into their country’s national cybersecurity legislation by October 17th, 2024. The directive creates stringent cybersecurity breach reporting timelines for companies to their respective government authority. Failure to comply may result in fines in up to €10M or ~2% of the total annual worldwide sales in the Company’s previous fiscal year. Regulatory agencies and consulting firms recommend companies strengthen their cybersecurity posture by creating incident handling procedures, employee awareness training, etc.
About J.P. Morgan Growth Equity Partners
J.P. Morgan Growth Equity Partners (“GEP”) manages a $1B growth equity fund partnering with leading enterprise software, fintech, real estate technology and consumer companies. GEP’s capital is a combination of the firm’s balance sheet alongside a broad set of institutions, family offices and individual investors.
GEP is the technology focused late-stage venture and growth equity investment arm of J.P. Morgan Private Capital. J.P. Morgan Private Capital, which is part of J.P. Morgan Global Alternatives – the alternative investment arm of J.P. Morgan Asset Management, provides customised financing solutions for private companies across the capital structure. J.P. Morgan Global Alternatives has more than 50 years as an alternatives investment manager, $213 billion in assets under management, and more than 800 professionals (as of June 30, 2023).
Cybersecurity in The Hague
The Hague is home to a highly reputable community of public and private organisations. From safeguarding government organisations, crucial SME businesses to critical facilities like the electricity grid. The Hague is at the forefront of the global effort to ensure safety in the digital age. This community is securing the world with pioneering methods and technology, but is equally committed to setting standards for privacy and freedom. It's an incredible opportunity for talented individuals and innovative entrepreneurs from around the world to join this vital mission.