Probe.ly closes a seed round worth €550,000 to expand its customer base to include larger enterprises and to develop a new version of its cybersecurity product for web apps.
With this round, Busy Angels, Novabase and Shilling Capital join the investors of the Portuguese web app security startup.
“We believe that Proble.ly presents a highly specialized and differentiated solution and team to the market, with a clear bet on innovation”
Bred and buttered at Bright Pixel, Probe.ly acts like a probe on web applications, detecting vulnerabilities or security issues that, when fixed, may prevent unauthorized access that intends to modify, destroy, or disclose sensitive information.
With a presence in nine countries and around 20 clients, the team now intends to shift focus.
“During the first year we were developing and validating our product with the market and now we intend to invest more in the development of the business,” said Nuno Loureiro, founder and CEO of Probe.ly, in a statement.
“We want to grow our customer base and for that we need a strong marketing and sales team. We will also start working on a new Enterprise version, which takes into account the needs of large companies and will allow us to open new markets,” he added.
Developed for small and medium-sized companies, Probe.ly has raised 1.250 million euros to date.
In the current round, Probe.ly attracted three new investors.
Ana Paula Reis, manager of Busy Angels, stated that “our investment in Probe.ly reflects the recognition of the great quality of the team and the product they have developed, in a market with relevance, size and growth such as IT security.”
For Novabase Capital, this is a normal step in its strategy.
“Novabase Capital is focused on technologies that have an impact on the global context of Digital Transformation, where cybersecurity is increasingly important,” said Novabase Executive Director Maria Gil.
“We believe that Proble.ly presents a highly specialized and differentiated solution and team to the market, with a clear bet on innovation, which justifies our investment,” she added.
Strong growth in the cybersecurity industry has led Shilling Capital Partners to join this round of funding.
“We believe that Probe.ly’s technology solution can play an important role in how global platforms and organizations will protect themselves from cyber attacks in the future,” said Hugo Gonçalves Pereira, Partner at Shilling.
Probe.ly already has clients in the areas of media, insurtech and e-commerce, including RTP, BBC, and Introhive, and has received funding from the European Commission SME Instrument, which aims to boost growth innovative companies in the European Union.
Read More: Lisbon web app security startup Probe.ly launches free plan to protect SMEs
Since its inception, Probe.ly has been awarded a few times, has received the European Commission’s Seal of Excellence, and was funded by Bright Pixel and Caixa Capital.
At the Lisbon Investment Summit, Probe.ly supported Bright Pixel at its stand where Bright Pixel launched its “Insert Coin” program to invest in, and develop, preliminary ideas.
Read More: Bright Pixel launches ‘Insert Coin’ to invest in preliminary ideas: LIS18
Bright Pixel and Sonae IM (Sonae’s Corporate VC) are among the most active participants in forging new collaborations in the Portuguese startup ecosystem.
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