Buguard, a company specializing in offensive security and dark web monitoring based in Cairo, has successfully completed a seed funding round, securing a total of $500,000.
The funding initiative was spearheaded by A15, a prominent venture capital firm in the MENA region known for its extensive support of early-stage startups. Angel investors also participated in the funding round, marking Buguard’s first external investment. Since its inception in 2021, the company has operated on a bootstrapped model. The newly acquired funds will be allocated towards expanding Buguard’s workforce, with a specific focus on enhancing product development, sales, and establishing channel partnerships.
Buguard’s array of offensive security services includes penetration testing, vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming. Over the course of its operations, Buguard has served a range of leading Egyptian businesses, including Paymob, Fawry, EFG-Hermes, Halan, Lucky, Thndr, MaxAB, Eksab, and Rabbit Mart, among others. Moreover, the company has developed a global client base, spanning countries such as Saudi Arabia, the United States, France, Australia, Japan, the United Kingdom, Singapore, and the United Arab Emirates.
In conjunction with its existing services, Buguard proudly introduces Dark Atlas, a newly launched Software as a Service (SaaS) product designed for dark web monitoring and the prevention of account takeovers.
The dark web, often utilized by cybercriminals for distributing malware and capturing personal credentials, poses significant threats, including financial loss, reputational damage, and erosion of stakeholder trust. IBM Security’s Cost of a Data Breach Report for 2022 revealed that the average cost of a data breach had reached an all-time high of $4.35 million. Stolen or compromised credentials were identified as the most common cause of data breaches, constituting the primary attack vector in 19% of incidents in the 2022 study and ranking as the top attack vector in the 2021 study, responsible for 20% of breaches.
Youssef Mohamed, Buguard’s Founder and Chief Technology Officer, expressed his enthusiasm regarding the successful fundraise, extending gratitude to A15 for its unwavering support. Mohamed emphasized the significance of preparedness in facing the dynamic and escalating realm of dark web cyber threats. Buguard’s team consists of highly skilled security researchers and engineers, and the newly launched Dark Atlas SaaS product stands out for its comprehensive coverage and effectiveness compared to existing alternatives.
While Buguard already boasts a global client base, its immediate expansion strategy is geared toward solidifying its presence in the GCC. The company has plans to establish itself in Saudi Arabia in 2023, leveraging the raised funds to harness its considerable growth potential.
Buguard possesses a range of competitive differentiators. Dark Atlas, for instance, surpasses other data leak monitoring solutions by comprehensively monitoring compromised devices for information-stealing malware, a key cause of significant data breach incidents. Additionally, the platform tracks dark web marketplaces, hacking forums, underground channels, and private clouds, efficiently identifying and neutralizing breaches across diverse venues. A notable achievement involved Buguard’s identification and exploitation of a coding flaw that incapacitated operators of the Mars Stealer malware, a service utilized by cybercriminals to launch data-stealing attacks.
Dark Atlas’s supplementary features extend protection to clients by monitoring threats from third-party vendors and C-level executives’ personal emails. Furthermore, the platform proactively guards against impersonation and phishing attacks, providing clients with insights into similar or impersonating domains associated with their brands.
Karim Beshara, General Partner at A15, commended Buguard’s domain expertise demonstrated by its security researchers and engineers. Beshara emphasized the urgency of proactive measures to counter evolving cybercriminal tactics, which pose significant risks to businesses of all sizes. Buguard’s multifaceted approach, encompassing both security services and Da
