SYN Ventures led the investment, with notable participation from Eniac Ventures, Fika Ventures, Altai Ventures, Chaos Ventures, Aquila Capital Partners, Gaingels, and Cyber Mentor Fund.
Founded in 2017, Upfort specializes in delivering robust cybersecurity protection and insurance solutions tailored for small and medium-sized enterprises (SMEs). The startup’s offerings encompass comprehensive cyber risk mitigation strategies along with insurance coverage. Notably, Upfort’s insurance agency holds licenses to operate in all 50 states and Washington, D.C., providing a wide-reaching and versatile service.
This funding injection is anticipated to further empower Upfort in enhancing its cybersecurity offerings and expanding its presence in the rapidly evolving landscape of cybersecurity and insurance solutions. The backing from SYN Ventures and other prominent investors underscores the growing importance of cybersecurity in safeguarding SMEs against the escalating threats in the digital realm.
Xing Xin, Upfort CEO and co-founder, said: “Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. The new investment will enable us to build on these efforts as we continue our mission of accelerating the world’s journey toward cyber resilience.”
He continued: “We are grateful for the ongoing support of all of our investors, including SYN Ventures, as we fundamentally transform the economics of cyber risk. Today’s announcement is a testament to their trust and support of our work to bolster cyber resilience for companies worldwide.” –.
Ryan Permeh, operating partner at SYN Ventures also commented, saying: “At SYN Ventures, we wholeheartedly believe in the Upfort team’s vision–and ability–to transform the way businesses approach cyber security protection and resilience overall. In an age of rising cybercrime, Upfort equips organizations with the tools they need to protect themselves against the threat of cyberattacks, prevent losses, and analyze risk more intelligently.”
Permeh added: “We are excited to spearhead the Series A funding round for Upfort – can’t wait to see all it does next.”
Author: Joanna England
