Danish startup Uniqkey, which offers a password and access management solution that simplifies employee security and boosts company control, has secured €5.35 million to expand its cybersecurity services across Europe and protect companies from cyberattacks and data theft. The investment was led by BackingMinds, as the VC informed Vestbee, with participation from several business angels.
- Founded in 2017 by Hakan Yagci, Uniqkey offers a password and access management solution that enhances business security while ensuring convenience for IT and employees.
- Uniqkey's system requires a mobile app for logging into company systems, similar to local ID apps like MitID in Denmark or BankID in Sweden. It's quick, easy, and secure, with all passwords encrypted to the highest standards, eliminating the need for users to remember them.
- The startup, which has a team of 50 employees, has experienced 100% year-on-year growth over the past two years. With a focus on protecting over 500 SMEs across Europe, Uniqkey's services are trusted by notable firms like Risma, Maj Bank, Copenhagen Medical, and CalJan.
Details of the deal
- The fresh funding was led by BackingMinds, a Stockholm-based venture capital firm that invests in European startups (excluding the UK) with ticket sizes ranging from €500,000 to €3 million, allocating 60% to new investments and 40% to follow-up investments.
“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," Founding Partner at BackingMinds, Susanne Najafi, commented in a statement.
- The funding round also saw participation from various angel investors, including Jesper Zerlang, Lars Ankjer, Otto Krabbe, and Rolf Bladt.
- The capital raised will enable Uniqkey to accelerate product development and scale its technology to thousands of companies across Europe within the next three years.
“This new funding will help accelerate the way we scale our technology to thousands of companies across Europe in the coming years. Protecting SMEs is at the heart of what we do and hopefully, we can play an important part in Europe’s rising cyber landscape," CMO of Uniqkey, Simon Cederstråhle Hellstrøm-Melander, stated in a press release.
