“When people like the German Chancellor Angela Merkel or the King of Belgium want to learn more about cybersecurity, they go to Estonia”, wrote CNN in 2021, reflecting on Estonia’s exceptional knowledge of modern cyber threats. Since only improved ever since, as Estonia is now ranked third globally in the National Cyber Security Index. With that expertise come startup successes.
This March, Estonia-based cybersecurity company BotGuard OÜ, which helps web hosting providers to manage traffic and safeguard against malicious threats, has raised €12M in a Series A funding round led by MMC Ventures. The new round will go towards enhancing the technology, hiring tech development experts, and growing sales and marketing teams for global expansion.
BotGuard was established in founded in 2019 by engineers Nik Rozenberg (CEO) and Denis Prochko (CTO). Both seasoned startup founders, they had vast experience dealing with malicious bots and hackers on their own websites. BotGuard OÜ now has a global presence, serving clients and partners in over 30 countries.
The timing for a new round is just right. Bot traffic, both good and bad, currently accounts for nearly half of all internet activity. While there are many good bots essential for various online tools and systems, malicious ones pose threats such as data theft and DDoS attacks. “There’s an addressable market of over 300 million websites that require the level of protection Botguard OÜ can provide”, says Stanislav Ivanov, Founding Partner at Tera Ventures, which also participated in the round.
BotGuard OÜ offers a cloud-based solution to help website owners filter their web traffic, reduce costs, and protect their assets. The startup also uses AI to automate the implementation process.
“Every business should have effective web traffic management, yet there are no affordable solutions focused on the SME segment due to complicated and expensive onboarding processes”, said Nik Rozenberg, CEO and co-founder at BotGuard.
“Born from the pain of living through this problem, Nik and Denis have built an impressive business, and the incredible traction BotGuard OÜ has seen to date demonstrates how well they understand this problem”, said Mina Samaan, Partner at MMC Ventures.
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