Egypt’s Cybersecurity Startup ShieldFY Raises Pre-Seed Funding From Arzan VC
Alexandria based cybersecurity startup SheildFY raised an undisclosed sum of Pre-Seed funding from Kuwait based Arzan VC as per a recent report. The startup uses cloud-based security firewall and anti-malware to protect websites from hacking attempts and malware infection.
Founded by Eslam Salem in 2016, ShieldFY attempts to simplify the cybersecurity products for its customers. It requires the end user to install a plugin onto the site, and their system is sealed with protection. The extra added advantage is provided by the fact that ShiedlFY remains on the same server as the client, which gives it more control to the protect malware attacks.
Eslam Salem started this company as a side project as he was unable to find more straightforward and affordable solutions for his clients. He had experienced a related problem in this field as a web developer for 11 years, before starting ShieldFY. At the same time, Eslam identified a considerable demand in the Egyptian market for cybersecurity. He believes that the market is still in a nascent stage and not many investors jump in this area due to the absence of substantial numbers.
But this funding round could be encouraging for the investors to explore the field of cybersecurity in Egypt. Eslam wants to deploy the funding amount in development of the product to make it further convenient for developers.
Kuwait based VC, Arzan has a presence in over seven countries and boasts of having more than eighteen startups in its portfolio. The investment firm spans across Europe, North America and the MENA region. It has companies like Careem and Jamalon in its kitty.