NEW YORK — Zip Security has closed a $7.7 million funding round co-led by General Catalyst and Human Capital with participation from BoxGroup. The funding will allow Zip to rapidly scale up the development of its software product, which currently solves cloud-based identity management, device management, and endpoint threat detection, to include more advanced capabilities like device trust, automated patch management, and identity threat detection.
Zip’s current customers are businesses across a range of industries including defense, health, software, and finance. These critical businesses are a battleground for cyberattacks – companies with less than 100 employees are three times more likely to be targeted by cybercriminals than larger companies, and any breaches come with high costs. According to the FBI’s 2022 Internet Crime Report, reported losses due to cybercrime exceeded $10.3 billion in 2022.
“Most organizations do not have the ability to invest in cybersecurity like a Fortune 500, but the burden is increasingly on them to do so. These businesses with no security team or small security teams remain targets because of their access to critical information and because they remain underserved by the industry. Our mission is to protect those businesses and their customers’ data by making cybersecurity affordable and accessible,” says CEO and Co-Founder Josh Zweig.
Current users of Zip’s software range in experience from security newbies to career professionals, all of whom use Zip to rapidly secure their business. “Zip’s platform allowed Finfare to implement a single source of truth for endpoint protection and compliance overnight. The software Zip provides allows Finfare to identify and manage endpoint inventory and quickly generate evidence for SOC2 and ISO 27001 compliance needs,” said Chad Brustin, Director of Information Security at Finfare.
“Cyber threats don’t discriminate; all businesses, large and small, can face breaches and ransomware issues. Zip is bringing simplicity to security and has created a product as dynamic as the landscape demands. General Catalyst is excited to support Josh, Gabbi, and the team on their journey to shape the future of enterprise security,” said Quentin Clark, Managing Director of General Catalyst.
Zip’s founders, Josh Zweig and Gabbi Merz, met at Palantir Technologies where they worked on securing US government systems. The founding team has grown to include other U.S. government and Palantir alumni whose careers have focused on building systems resilient to the ever-growing threat of cyber attacks. “We are excited to use this funding to build out our team and product in service of our customers, providing them best-in-class security so that they can spend their time and resources where it matters most: on their mission,” says CTO and Co-Founder, Gabbi Merz.