Defendify Raises $3.35 Million to Expand its Comprehensive Cybersecurity Solution and Accelerate Growth
Defendify, the all-in-one cybersecurity platform for organizations of all sizes, announced that it has closed a $3.35 million funding round. Existing investor Maine Venture Fund (MVF) led the round with participation from current investors 3dot6 Ventures, York IE, Maine Technology Institute (MTI), FreshTracks Capital, and Wasabi Ventures, with new investment from Coastal Ventures and Opus Ventures.
Despite the pandemic, Defendify has continued strong growth, adding thousands of customers, reaching over 60 countries, and doubling its team size. In that time, Defendify has made several strategic additions to its team, welcoming former Oracle CIO Mark Sunday as senior advisor, digital transformation and marketing leader Emily Carville as CMO, and SaaS business development expert John Mayfield as director of sales. After garnering over 30 awards in 2021, the company has already earned over a dozen awards to date this year, including from Cyber Defense Magazine and Fortress Cyber Security, and ranking as High Performer in six G2 Grid categories, including Momentum Leader and Highest User Adoption. As Defendify continues its rapid growth, this $3.35 million in additional funding will be used to accelerate go-to-market strategies, product development, and team expansion.
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“Defendify is building a robust and comprehensive cybersecurity platform that is a fit for small and midsized organizations with limited IT resources,” said Joe Powers, managing director at Maine Venture Fund. “We’re excited to be working with the team, and it’s clear Defendify’s leadership is well positioned to continue their impressive growth, including significant impact here in Maine and beyond.”
The Defendify platform offers growing businesses, usually those with small IT teams and under 1,000 employees, a cybersecurity solution that’s simple, affordable, flexible, and scalable and aligns with regulatory, compliance, and cyber insurance needs. Uniquely, Defendify features a single pane of glass and multiple layers of ongoing protection to continuously improve security posture across people, process, and technology. Defendify scales easily and avoids the headaches of multiple disparate single-point solutions, driving technology consolidation, operational efficiency, and return on investment.
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According to Cybercrime Ventures, cybercrime damage is predicted to hit $10.5 trillion annually by 2025. In addition to these staggering costs, many businesses risk losing customers or facing fines for not being compliant with third-party cybersecurity risk assessments. The high costs associated with these matters can be devastating, both financially and indirectly as it relates to brand, reputation, and the competitive marketplace.
“Defendify’s goal is to streamline cybersecurity and deliver return on investment. No organization in today’s modern business landscape can afford to operate without necessary cybersecurity strategies and protections in place,” said Rob Simopoulos, co-founder of Defendify. “Defendify provides peace of mind, ensuring that even organizations with small IT teams have access to robust, holistic cybersecurity. We’re thrilled that this new round of capital enables us to continue building our suite of solutions, increase exposure in the market, and grow our team to bring the Defendify platform to those who need it most.”
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