BECO Cap­i­tal In­vests in the First MENA Cy­ber­se­cu­rity Startup

Arabnet - The Quarterly - - Industry Stories -

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.

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