BalaBit raises $8m from new cyber security fund

The company will use the fresh funding to expand across European markets including the UK and Scandinavia, boost its presence in the US and further product development.

C5 was founded by Nazo Moosa, a former founding member of Carlyle European Technology Partners, and Andre Pienaar, an entrepreneur in the risk and security market and a private investor. Its advisory board includes Michael Mullen, retired United States Navy admiral, and Ian Lamb, former lieutenant.

The vehicle has a $125m target. Its LP base includes high-net-worth individuals and family offices in the US, Europe and Middle East.

The fund has already committed to Metrasens, taking part in a funding round for the company in March 2013 alongside Octopus Investments. It seeks opportunities in European security and data market, where it will invest $5-25m.

Company
Headquartered in Luxembourg and founded in 2000, BalaBit is an IT security business with a monitoring approach to security intelligence.

The firm has development centres in Hungary and employs 160 staff, including more than 75 developers. Customers are based in Germany, France, eastern Europe and the US. The company has achieved revenue growth of more than 30% over the last three years.

People
Nazo Moosa and Andre Pienaar are co-founders of C5. Zoltán Györkő is co-founder and CEO of BalaBit.

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• Topics
• Benelux
• Technology
• Expansion
• Luxembourg