CyberVadis Raises $7.5 Million for Third-Party Cyber Risk Management Platform

CyberVadis has raised 7 million euros (about $7.5 million) to grow its Third Party Cyber Risk Management platform.

“Breaking news! We have raised €7M in Series A funding to scale our #thirdpartyriskmanagement program and truly secure organizations’ global supply chains,” CyberVadis said in a Tuesday (May 23) tweet.

CyberVadis provides these risk assessments for enterprises and, for an annual fee, performs an unlimited number of assessments via a platform that maps to all major compliance standards, according to a May 9 press release issued by Zobito, the co-investment growth fund that led the funding round.

The firm has assessed the cybersecurity and data privacy of thousands of third parties in 96 countries, the release said.

“We expect this investment to enable us to hire top talents and expand our teams in particular to service new clients beyond our traditional markets, to accelerate innovation and continue to enhance our platform and deliver even greater value to our customers,” CyberVadis CEO Edouard Lacarrière said in the release.

Lacarrière added that the investment is a validation of the need for “reliable evidence-based assessments” and that the support of Zobito — including the addition of Zobito Partner Uli Beckmann to the CyberVadis board — will help CyberVadis as it enters its next phase of growth.

“We are thrilled to be investing in CyberVadis, a company that is revolutionizing the way organizations approach third-party cybersecurity risk assessment,” Beckmann said in the release. “Their platform is a game-changer, and we are excited to be a part of their journey.”

This announcement comes at a time when the European Commission (EC) said that cybersecurity incidents pose a growing threat, driven in part by cyberattacks related to Russia’s invasion of Ukraine.

In April, the EC proposed devoting €1.1 billion (about $1.2 billion) to new cybersecurity initiatives “to make Europe more resilient and reactive in front of cyber threats.”

A month earlier, in March, Mastercard acquired security firm Baffin Bay Networks to help its business clients fend off cyberattacks.

Mastercard said at the time that the acquisition was made in response to an uptick in cyberattacks on businesses and will help the company integrate its solutions into one cyber service.

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