CovR Security gets funding for international expansion
The company was founded in early 2015 by tech entrepreneur Patrik Malmberg and cyber-security expert Peter Alexanderson, who among other things is a key figure behind the banks’ security systems Bank-ID.
CovR Security will offer to collect all of user’s log-ins into their app, controlled by a PIN or biometric data such as fingerprints, for example. Among the unique features of the service is that users will know when an unauthorized person tries to log in and use e-mail, credit card or online banking.
“With our technology you can delete any user name and password, and instead identify yourself using our app,” – explains Anette Nordevall, angel investor and chairman of CovR Security.
Apart from the founders, Annete is one of the CovR Security’s co-owners. She bought into the company six months after the start, and now owns about 5 percent of the company. Together with Victor Bengtsson, one of the major owners of electronics giant Amazon Marketplace , Anette Nordevall is also behind the newest investment round. In connection with the investment, the company is valued at about SEK 100 million according to DiDigital.
“Today we are 25 people with operations in the Nordics. We will employ ten more people and expand to the United States and around the world. We are looking for sellers, communicators and developers to scale up the business internationally,” – says Anette Nordevall.
Among other investments, CovR Security took in 8 million SEK (800 000 euro) in venture capital in April of last year.
As of 2016, the company had a very modest turnover, but the plan for 2017 is to reach a breakeven point and increase sales to approximately 10 million SEK (1 mln euro).