Danish cybersecurity startup Uniqkey has raised €5.35 million to expand its operations across Europe. The funding round was led by Swedish venture capital firm BackingMinds and included contributions from several industry veterans.
Founded by Hakan Yagci, Uniqkey provides a mobile app-based security solution that simplifies access to company systems, akin to local ID solutions like Denmark’s MitID or Sweden’s BankID. This system is designed to enhance the digital security of small and medium-sized enterprises (SMEs) by encrypting passwords and reducing the risk of unauthorized access.
Investment Amidst Increasing Cybersecurity Demands
The investment is timely, given the increasing cybersecurity challenges facing Europe. With cybercrime damages globally forecasted to reach $9.5 trillion in 2024, Uniqkey’s focus is on protecting European SMEs, which are particularly vulnerable due to often inadequate cybersecurity measures.
“Today we protect 500+ SMEs across Europe and we’ve seen great demand for our cyber security solution, having grown 100% YoY over the past two years.”
says Hakan Yagci, CEO of Uniqkey
Enhancing SME Security in Europe
Uniqkey aims to go beyond just managing passwords. Its broader goal is to enhance overall cyber awareness and security within organizations, aligning with impending European regulations such as NIS2 and DORA, which will require companies to adopt stringent cybersecurity practices.
“This new funding will help accelerate the way we scale our technology to thousands of companies across Europe in the coming years.”
says Simon Cederstråhle Hellstrøm-Melander, CMO of Uniqkey
The capital will be used to continue the company’s expansion and to improve and update its security technology.
“At BackingMinds, we invest in what we call blind spots – overlooked areas with great potential. With less than 1% of all founders in Cyber security being immigrants and with only 2% of all Cyber security startups coming from the Nordics, Uniqkey stands out as a hidden gem.”
says Susanne Najafi, Founding Partner at BackingMinds.
As cyber threats continue to grow, Uniqkey’s efforts to provide robust cybersecurity solutions are more vital than ever. This funding marks a significant step towards enhancing digital security for companies across Europe.
