Beirut-based cybersecurity startup Myki raises $4 million Series A for its offline password manager

Beirut-based Myki has raised $4 million as Series A investment, the startup announced today. The round was led by Dubai-based BECO Capital and joined by Lebanese VCs LEAP Ventures and B&Y Venture Partners. This takes total disclosed investment raised so far by Myki to $5.2 million with BECO having led their seed round of $1.2 million as well in 2017.

Founded by Antoine Vincent Jebara & Priscilla Elora Sharuk in 2015, Myki offers a password manager as a free mobile app for Android and iOS that allows users to store and manage passwords, credit cards, ID cards and notes. What makes it different from some other password managers available in the market is that it stores passwords offline on user’s phone which makes it very difficult for hackers to steal their data.

The startup also offers its solutions to enterprises with its product ‘Myki for teams’ that costs $2.99 per member and allows companies to manage to share access to an online account with multiple users without compromising the passwords. The companies can also remotely revoke any user’s access anytime or restrict the access on basis of location, time and IP.

Antoine Jebara, co-founder and CEO of Myki, speaking on the occasion, said, “Our mission for the next two years is to build the infrastructure required on all levels to keep growing fast the way we have been for the past 12 months and become a world leader in decentralized identity management.”

Priscilla Elora Sharuk, Myki’s co-founder and COO also commented, “We are firm believers that online security and data privacy is not a privilege, it is a right, and that is why at Myki, we empower our users with the tools to securely manage their digital identity.”

Myki that currently has 250,000 users across the world was featured earlier this year by iTunes as one of Most Powerful Password Managers for iOS.

Its app also received an an ‘Excellent’ (four out of five stars) rating from PC Mag. The website that is trusted by many in the world for its expert reviews, writing about Myki, noted “The free Myki Password Manager & Authenticator stores passwords on your smartphone, not in the cloud. Its slick interface and handy authentication abilities make it an excellent option.”

It’s very refreshing to see a cybersecurity startup from MENA building a global product that is already used by hundreds of thousands of people and hopefully with the help of this investment will be able to reach millions across the world.