London-based cyber risk management firm DynaRisk has raised £3.5m in investment to accelerate product innovation and fuel international expansion.
The funding round, led by YFM Equity Partners, will help the company expand its operations across EMEA, North America and Asia-Pacific, scaling its commercial and technical operations.
Meanwhile, the business has also appointed serial entrepreneur Phil Zeidler to its board.
Zeidler co-founded DeadHappy, which made headlines with its skullface adverts. However it became mired in controversry in 2023 after featuring mass murderer Harold Shipman in an ad. It then collapsed into administration in 2024.
DynaRisk was founded in 2016 by ex-banking cybersecurity specialist and self-taught hacker, Andrew Martin, who recognised that the insurance industry needed more tools and data to help them tap the fast growing cyber insurance and cyber assistance market.
Today, the firm works with (re)insurers, brokers and managing general agents (MGAs) to help them give individuals and businesses the tools they need to protect themselves online, with a suite of threat intelligence driven SaaS products, portfolio-level monitoring and helpline services.
It currently supports more than 25 insurance customers worldwide, covering around 2.4m consumers and 800,000 SMEs.
“Brokers, MGAs and (re)insurers are rushing to tap the fast growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally,” said Martin.
“While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people.
“DynaRisk bridges that gap for the insurance sector, helping them protect their policyholders with industry-leading threat intelligence backed risk management and underwriting software, along with cyber incident response services.
“YFM quickly understood our vision and their support will be critical as we scale globally and continue to evolve our platform to meet growing demand.”
Matt Gordon-Smith, investment director at YFM, added: “DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market.
“With cyber threats escalating and insurers and brokers under pressure to add more value to their policyholders, DynaRisk’s embedded intelligence platforms and services are ideally positioned.
“We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.”