Chattanooga, USA-based industry-leading cyber disaster recovery firm that is transforming the post-breach restoration process and impact, Fenix24, raised USD 5 million in recent funding. The company announced the fundraise on March 16, 2023. Prominent InsurTech investor Eos Venture Partners led the financing for the company.
As a part of the deal, Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.
Purpose of financing for Fenix24
With the latest investment from Eos, Fenix24 seeks to serve additional customers. It further plans to reduce downtime costs and financial impacts after a cybersecurity incident.
The company also aims to scale operations to meet the growing market demand for ransomware response and recovery.
What the company’s official has to say
Mark Grazman, CEO and co-founder of Fenix24, said, “We are excited to partner with Eos Venture Partners and very proud of what this investment says about Fenix24’s innovative approach and the resulting impact on behalf of victims of ransomware and their insurance carriers. The world needs a defensive civilian cybersecurity force ready to help victims of ransomware navigate the treacherous waters of a ransomware attack.”
What the investors have to say
In addition, Zach Powell said, “As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more than 60% of total cyber losses to an insurance carrier now are estimated to come from business interruption. With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance ecosystem, Eos is proud to support Fenix24’s rapid growth and reputation as the world’s fastest restoration company. Leading cyber insurance companies now understand that active loss management—beyond pre-breach underwriting and risk controls—is a critical component of an effective cyber program. We are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”
About the company
Brandon Williams, Heath Renfrow, John Anthony Smith, and Mark Grazman launched the company in 2022. The USA-based Fenix24 is a part of the Conversant Group family of companies. Since launching in early 2022, Fenix24’s approach is rapidly becoming the market standard for excellence in restoration. Fenix24 has, firstly, reduced business interruption and associated costs for customers by up to 50%. Secondly, it became the restoration partner-of-choice and, in addition, grew its revenue by 650% annually. It also increased its headcount by 400%. It provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
