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Homegrown cybersecurity startup Cipher secured SAR 50 mn in pre-IPO funding from Saudi VC Impact46 to support its expansion and technological advancements both locally and internationally, according to a press release and a statement on Linkedin. The investment was secured during the Black Hat MEA 2024 cybersecurity conference in Riyadh. No additional information was disclosed on whether the investment was debt or equity-based.
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About Cipher: Established in 2018 by Thamer ALDhafiri (Linkedin), Cipher specializes in cybersecurity solutions and provides a group of related services including risk assessment, penetration testing, security awareness training, threat detection, rapid response and recovery support to enhance business continuity.
IN OTHER STARTUP NEWS-
Flat6Labs invested a total of SAR 5 mn in 10 Saudi startups in the fourth cycle of its Riyadh Seed Program, with each startup receiving SAR 500k in direct investments, according to a press release. The fund has now backed 41 Saudi startups since its inception in 2023.
About the program: Startups taking part in the program undergo a four-month accelerator to refine market strategies, scale operations, and secure partnerships, while also receiving a cashflow injection of at least SAR 500k. The program is managed by Flat6Labs and is supported by the Startup Seed Fund which is backed by investments from the Saudi Venture Capital Company, Jada Fund of Funds, and Riyadh Valley Company. Additional support is provided by the National Technology Development Program’s Empowering Accelerators initiative.
Meet the startups: The latest cohort features CAMION (freight management), Colada (consumer tech for food ordering), Devsy (AI-driven talent acquisition), dPhish (anti-phishing cybersecurity), Hollat (CRM and cybersecurity), Mrrha (community-based online marketplace), Fezlee (shipping aggregator), Cyberni (cybersecurity SaaS), Units (warehousing solutions), and Zofa (clinic management).
