Northzone and Octopus invest €5m in BehavioSec

Mikkel Stern-Peltz
08 December 2014

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Northzone and Octopus Ventures have led a тЌ5m investment round for Swedish cyber security business BehavioSec, alongside existing investors Conor Venture Partners and Partnerinvest Norr.

The series-B financing will be used to speed up BehavioSec's international growth, expanding its presence in the UK and US, while further developing its product.

Octopus's Simon Andrews, Bjorn Stray of Northzone and Chris Barchak of Conor will join the board of directors as part of the investment.

The investment is Northzone's second in December having participated in a £5m investment in UK peer-to-peer lender MarketInvoice last week, and brings the VC's investments in the past month to four.

Previous funding
BehavioSec raised a €400,000 seed round led by Lunova and PNF Venture Capital in January 2008.

In May 2011, the company raised a further €1m in its series-A, which saw Lunova and PNF joined by Conor, Norrlandsfonden, Partnerinvest Norr, and Innovationsbron Väst Startup.

Company
BehavioSec develops user verification technology called behavioural biometrics, for access to web and mobile applications.

The company's products work by tracking how a user interacts with a device or browser, analysing touch, pressure combinations, swipe speed, finger positioning and more to create additional security for the user.

The company was founded in Sweden in 2007 and is now based in London.

People
Partner Björn Stray worked on the deal for Northzone, alongside Conor's Chris Barchak and Simon Andrews from Octopus. Neil Costigan is the CEO of BehavioSec.