Jerusalem, Israel-based venture capital dedicated towards cybersecurity companies, Cyberstarts, closed its Seed Fund III at USD 60 million. The company announced the news on August 24, 2022.
With the latest fund, the total assets under management for Cyberstarts now stand at USD 374 million.
Purpose of Seed Fund III by Cyberstarts
With the new fund, the company seeks investment opportunities in early-stage cybersecurity companies.
Moreover, Cyberstarts announced the appointment of Doug Merritt (former President and CEO of Splunk) to chair Sunpeak. Sunpeak will offer the portfolio companies of Cyberstarts hands-on guidance from world-renowned technology leaders. The mentorship includes how to scale GTM strategy and create repeatable sales cycles to ensure early success. The addition of Sunpeak marks the company’s vision to build the world’s most important cybersecurity companies.
What the Cyberstarts officials have to say
Lior Simon, General Partner of Cyberstarts, said, “Building the world’s most important cybersecurity companies requires more than capital – it requires a methodical and holistic investment model from day one by investing in the right talent and supporting them across every business function from initiation to product-market fit and beyond. We take a unique approach to mentoring our portfolio companies via our Sunrise and, now, Sunpeak communities. Doug brings unparalleled experience in executing go-to-market strategy and will be key to helping our portfolio accelerate business potential while minimizing risk.”
In addition, Doug Merritt, Chair of the GTM advisory board at Cyberstarts, commented, “I’m very impressed by the success Cyberstarts, and its portfolio has experienced in such a short period of time. I’m excited to work with the team to build the Sunpeak community with top GTM leaders from across the globe and help the next generation of cybersecurity entrepreneurs scale their businesses rapidly and strategically.”
Further, Gili Raanan, founder of Cyberstarts, added, “Most of the entrepreneurs we have partnered with grow into significant businesses over a short period of time because we invest in people, not ideas. In fact, sometimes, our portfolio companies don’t even have the ‘idea’ prior to investment. We have created a highly differentiated vehicle, dubbed Sunrise, that relies on communities of experienced cybersecurity entrepreneurs and forward-thinking CISOs and CIOs to drive the creation of the most influential cybersecurity companies in the world. I’m excited to have Doug Merritt join our team to help create the cybersecurity textbook for optimizing go-to-market strategy as chair of our Sunpeak advisory board. The addition of this new community is a natural next step in our mission to build the world’s most important cyber companies.”
About the company
Gili Raanan launched the company in 2018. The Israel-based venture capital firm focuses on early-stage cybersecurity organizations. It is the only venture capital firm primarily funded by the industry’s most successful cybersecurity founders. Cyberstarts’ seed investments boast clientele such as Fireblocks, Wiz, Transmit, Island, Noname Security, and many others.
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