Very Good Security Raised $35 Million in Series B
American-Ukrainian cybersecurity company Very Good Security has raised $35 million in Series B funding round. The latest round of funding was led by Goldman Sachs, Andreessen Horowitz, and Vertex Ventures US. Very Good Security helps customers make sure their data is secure.
Very Good Security developed a SaaS solution that transmits sensitive data from company vaults to VGS storage. Businesses can access, edit or process their customer data, but they don’t need to worry about data leaks.
The solution definitely has a market fit. In the US, companies which work with sensitive data such as credit cards, or medical insurance, have to comply with Data Center Standards and obtain РСІ, EI3PA, HIPAA, SOC2. The certification process costs thousands of dollars and takes a lot of time. VGS SaaS solution makes this process easier as companies “outsource” their data issues.
The American-Ukraine company started in 2016 when Mahmoud Abdelkader and Marshall Jones met Oleg Sklyarenko. The company has about 80 employees and 2 offices in Ukraine: in Lviv and Kyiv. Mahmoud Abdelkader, Co-Founder & CEO of Very Good Security, spoke at IT Arena 2019 Product Track. Mahmoud shared some insides on finding product-market fit and building a company.