London cyber security firm extends seed funding round to reach more than $3m

A London cyber security company has announced that its seed funding round will total more than $3m.

DynaRisk has said today that is extending its seed funding round, bringing total funding to more than $3m.

This round of funding was led by Nexus Investments with participation from existing investors Insurance Capital Partners and Jonathan Marland.

This new round of funding will be used for working capital and to start facilitating DynaRisk’s entry into the North American market.

Andrew Martin, founder and CEO of DynaRisk, said: “We are thrilled to welcome Nexus as partners in helping us grow our business in the exciting InsureTech vertical.

“The need for risk management tools for cyber insurance providers is accelerating due to explosive market growth for this type of policy.

“Elevated hacker activity including ransomware is unfortunately driving a surge in claims which our technology can help to mitigate.

“Incumbent insurers and brokers need support to stay on top of this fast moving market or risk having their businesses disrupted by newer Cyber MGAs.”

Matthew O’Kane, managing director of Nexus Investments, commented: “We are very excited to both announce the 12th new member of our Nexus Scale-Up Fund portfolio, and to partner with Dynarisk on its next stage of growth, in particular as it scales into the very promising US Insurtech market.”