Cybersecurity talent recruitment firm Pinpoint Search Group released its latest funding report for Q3 2024. The report showed a decline in both the number of transactions and the total funding raised compared to Q3 2023. The findings also suggest that venture capital funding for cybersecurity vendors is stabilizing.
Here are some key points from the report:
- In Q3 2024, Pinpoint Search Group’s research team recorded 86 transactions in the cybersecurity vendor space, totaling $2.15 billion across 73 funding rounds and 13 M&A events. This represents approximately an 18% decrease in transaction volume from 89 in Q3 2023 and a 5% decrease in fundraising from the previous year's $2.3 billion, the research showed.
- Despite the year-over-year decline in the number of transactions and total funding raised in Q3 2024, venture capital funding for cybersecurity vendors seems to be stabilizing following the highs of 2021 and the slowdown in 2022. Over the past nine quarters, vendors have consistently raised between two and three billion dollars, reflecting a more steady and sustainable funding trend, according to Pinpoint Search Group.
- The demand for cybersecurity innovation continues to rise, according to the research, with substantial year-over-year funding directed toward early-stage vendors. In Q3 2024, this trend held steady, as 59% of all venture capital investments were allocated to Seed and Series-A startups, representing the majority of funding rounds recorded for the quarter.
Check out the full report here.
As always, drop me a line at [email protected] if you have news to share or want to say hi!
Grab your coffee. Here's what you need to know today.
Today’s Tech, Channel and MSP News
1. Pathlock partners with Gulf IT Network Distribution: Identity and app access governance provider Pathlock announced a strategic partnership with Gulf IT Network Distribution, which provides identity provisioning automation software in the UAE, Saudi Arabia, the Middle East, and Africa. This collaboration will provide simplified, streamlined solutions for high-powered identity and application access security to customers of both Pathlock and Gulf IT and their expert risk advisory partners.
2. Phin Security on Pax8 Marketplace: Security awareness training provider Phin Security is now available on the Pax8 Marketplace, the company announced last week. Through the Marketplace, MSPs can now access Phin Security awareness training to create and manage high-quality campaigns that engage employees and change their habits to be more cyber secure.
3. Cequence appoints new CISO: Cequence today announced the appointment of Randolph Barr as Chief Information Security Officer (CISO). With over 20 years of extensive experience in cybersecurity, IT and risk management, Barr's mission is to deliver robust security solutions in an ever-evolving threat landscape, the company said in a statement. Barr's professional journey includes key leadership roles at Zoom Video Communications, Qualys, Cisco-Webex and InterVenn Biosciences. Throughout his career, he has excelled in strategically advising executive leaders, identifying and addressing security gaps and leading incident response efforts. Congratulations!
4. 20VC closes third fund; raises $400 million for EU investment: 20VC, the firm named after the podcast series that made founder Harry Stebbings' name, has closed a $400 million fund, TechCrunch reported. TechCrunch said $125 million of the fund will be dedicated to seed investments, and $275 million will be going to Series A rounds. The fund has yet to be deployed, Stebbings said: 20VC is still investing out of its second fund, $140 million that it raised in 2021. This latest fund was raised in four weeks, a relatively quick turnaround.
5. Presidio expands AWS partnership for AI, cloud: Presidio Inc. expanded its multiyear “strategic collaboration agreement” with Amazon Web Services Inc. to accelerate artificial intelligence adoption and cloud migration, the company said in a statement, and significantly expand vertical industry-focused services. The agreement between the two companies will leverage Presidio’s full suite of consulting services with AWS technologies. Presidio says the agreement will help clients migrate, modernize and optimize their data and applications to better leverage new technologies such as generative AI and machine learning. The company’s Rapid Innovation methodology will also be available to help customers use AWS’s generative AI services for applications such as intelligent document processing, AI-enabled self-service, AI-assisted software development and data modernization.
In-Person MSP and Channel Partner Events
- MSSP Alert Live, October 14-16, Austin, Texas
- Canalys North America Forum, October 22-24, Miami, Florida
- Kaseya Dattocon, October 28-30, 2024, Fontainebleau, Miami Beach, Florida
- Ingram Micro One, November 6-8, Gaylord Resort, Washington DC
- IT Nation Connect, November 6-8, Orlando, Florida
- OpenText World, November 19-21, The Venetian Resort, Las Vegas, Nevada
