BECO Capital Invests in the First MENA Cybersecurity Startup
At Arabnet Beirut 2016, BECO Capital announced it has made a seed investment in MYKI, a Beirut-based cybersecurity startup that has developed the first advanced password and online identity manager in the region. MYKI’S solution provides smartphone users with secured access to online services without the need to manually type in their credentials every time they log in to a difffffferent account online, as well as secure password management. This marks BECO Capital’s first investment in a cybersecurity technology firm. Lebanon-based B&Y Venture Partners also took part in this seed investment round. Antoine Vincent Jebara, co-founder of MYKI, said the startup will use its seed capital to accelerate product development and go-to-market time. Over the last five years, $7.3 billion were invested in cybersecurity startups, according to CB Insights. Cyber-attacks are becoming increasingly sophisticated and are affffffecting nearly 90% of individuals and large organizations worldwide, costing consumers and companies more than $445 billion annually, according to the Center for Strategic and International Studies (CSIS). Enterprises and governments are investing heavily in private cybersecurity companies. The global cybersecurity market is expected to grow at a compounded annual growth rate (CAGR) of 9.8% from 2015 to 2020, and reach a total value of $170 billion by 2020. The Middle East and Africa’s share of this market is expected to reach $13.43 billion by 2019, according to Cybersecurity Ventures. The market that MYKI is tackling is the multi factor authentication market, which is forecasted to be worth $5.5 billion by 2017.