Cyber ​​risk management startup lands second round – Inside INdiana Business

(image courtesy of Trava Security)

An Indianapolis-based cyber risk management and insurance startup has closed its second round of seed funding. Trava Security Inc. says it will use the $4.5 million investment to further develop its cybersecurity software platform, as well as its sales and marketing services and IT risk insurance division.

Trava was launched from Indy-based venture capital studio High Alpha in December 2020. The company’s platform is designed to help small and medium-sized businesses bridge the gap between cyber risk management and cyber risk management. cyber insurance.

The latest funding round was led by Houston-based Mercury Fund and Indy-based Elevate Ventures.

The company closed its first $3.5 million seed round in March 2021, which included investments from San Francisco-based TDF Ventures, Indianapolis-based High Alpha Capital, and Chicago-based M25.

Since then, Trava has grown over 600%.

“More and more companies need to implement strong security practices and the assurance of cybersecurity insurance products to make their partners and customers feel secure when working with them, but the solution landscape for small and medium-sized businesses is still very nascent,” Mercury Fund said. said general manager Aziz Gilani in written remarks. “We believe Trava is the answer. Jim Goldman, with his experience as a CISO at ExactTarget, and his team are tested and know the real security issues in the industry.

Following this new investment, Gilani will join the board of directors of Trava.

According to Trava, cybercrime costs small and medium-sized businesses more than $2.2 million a year, and there was a 424% increase in new cyber breaches in small businesses last year.

“With global efforts to disrupt small businesses, via cyberattacks, the need for our products is steadily increasing exponentially,” said Jim Goldman, co-founder and CEO of Trava. “We are grateful to our investors who are helping us scale our growth to meet this ever-increasing demand.”

Trava currently has 27 employees and plans to add an undisclosed number of jobs with the new round of funding.


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