Saudi STV among investors in cybersecurity startup SpiderSilk

According to STV, investments into the global cybersecurity space amounted to $50bln last year, with $2bln of that going to the Middle East

  
Shield Background. Image used for illustrative purpsoe.

Shield Background. Image used for illustrative purpsoe.

Getty Images

DUBAI: Saudi venture capital firm STV was among the major investors in a recent $2.25 million funding round by Dubai-based cybersecurity firm SpiderSilk.

In addition to Riyadh-based STV, the tech firm was also backed by Dubai-based Global Ventures and several international angel investors, and it plans to use the financing to expand its footprint in the Middle East and launch into the North American market.

Ahmad Al-Naimi, an investment partner at STV, was quoted as saying: “With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring.”

According to STV, investments into the global cybersecurity space amounted to $50 billion last year, with $2 billion of that going to the Middle East.

“At STV, we have always described ourselves as investors in ‘bridging the dichotomy between digital supply and digital demand.’ Cybersecurity is the perfect sector to demonstrate this division — despite our region being a critical market for cybersecurity vendors, it is the market with the lowest VC cybersecurity funding,” the company wrote in a blog post.

In an article in October 2020, STV said it had led 30 percent of all venture capital funding in the Kingdom since 2018.

It also claimed that, while it had $500 million in capital, its portfolio of companies, including Careem, Trukker and Tabby, had processed transactions worth over $3.7 billion and had generated revenue of $480 million.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Technology