UAE - Mubasher: spiderSilk, a Dubai-based cybersecurity startup, has raised $2.25 million in a pre-series A funding round, according to a press release on Tuesday.
The funding round was co-led by STV, Saudi Arabia-based $500 million technology venture capital fund, and Global Ventures, a venture capital firm in Dubai.
The cybersecurity startup will use the proceeds in expanding across the MENA region and setting up its business in North America.
This expansion comes as the coronavirus (COVID-19) pandemic has led to an increase in digitisation across the world, causing a surge in the number of cyber threats facing businesses.
The General Partner at Global Ventures, Basil Moftah, said: "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."
Meanwhile, The Co-founder at spiderSilk, Rami El Malak, commented: "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."
