Investments

Dubai’s SpiderSilk raises $500,000 seed to help companies prevent cyber attacks

Dubai-based cybersecurity startup SpiderSilk has raised $500,000 seed in a round led by Global Ventures, and joined by FutureTech and some angels including Careem co-founder Magnus Olsson, the startup told MENAbytes today.

Founded last year by Rami El Malak who has previously founded and led different businesses and Mossab Hussein who was a Product Manager at Careem and Dubai-based TaskSpotting, SpiderSilk helps companies improve their cybersecurity by first simulating real-life cyber attacks and then advising on how to protect against them.

Its methodologies and enhanced hackers, SpiderSilk says, allows it to achieve simulations with great impact and has helped them uncover threats that would have impacted over 120 million people in total.

SpiderSilk finds security exploits and vulnerabilities in applications residing within both public and internal infrastructure and has collaborated with Samsung Global, Huawei, EA Games, Navblue, and WeWork.

The firm has discovered vulnerabilities and breaches in companies like WeWork and MoviePass. SpiderSilk last year also discovered an exposed fax server of a healthtech company that is behind a leading electronic medical records software makers for hospitals, doctor’s offices, and pharmacies. The server was leaking data in the form of thousands of doctor’s notes, medical records, and prescriptions on a daily basis.

Rami El Malak, the co-founder and CEO of SpiderSilk, speaking to MENAbytes, said, that they are using their current service offering as R&D to validate their technology and methodology, “We’re planning to use the investment to expand our team to build the product which we plan to offer as a ‘security as a service’ later this year.”

Speaking about the investment, Rami further added, “We went with Global Ventures, because while we are Dubai based and are proud to be protecting our community here, the opportunity that we have is global. We are therefore not anchored to a single market or region. Global Ventures will help us expand our footprint into international markets.”

Noor Sweid, General Partner at Global Ventures, in a statement, said, “We are excited to announce Global Ventures’ investment in a top-tier cybersecurity firm such as SpiderSilk, and look forward to working closely with the founders to enable the Company to scale its growth regionally and internationally.”

It is the eighth investment for Global Ventures that was launched early last year and has invested in startups like Lunchon, HolidayMe, and Kitopi since then.

Zubair Naeem Paracha

Zubair Naeem Paracha

Founder at MENAbytes
A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com.
Zubair Naeem Paracha
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