Horangi, a Singapore-based cybersecurity company which provides solutions to industry leaders across Southeast Asia, announced a US$20 million fundraise in a Series B round, led by Southeast Asian private equity firm, Provident Growth, which has funded companies like Indonesian ride-hailing platform GoJek and travel e-commerce Traveloka. Other participants in this funding round include Singapore’s Monk's Hill Ventures, Australian venture capital firm Right Click Capital, and Southeast Asia's leading venture debt fund, Genesis Alternative Ventures. This round brings Horangi’s total funding to US $23.1 million, including their Series A round in November 2017.
Horangi is looking to strengthen its position as the region's leading cybersecurity company and will use the funds to support its expansion plan in Southeast Asia. This includes enhancing its cloud security product, Warden, integrating its market-leading cybersecurity expertise and insights, as well as infusing artificial intelligence and machine learning technologies in order to help organisations stay ahead of advanced threats. Horangi will also double its staff to 160 across the region, and significantly grow its presence in Singapore and Indonesia, where demand has been highest.
“Southeast Asia is one of the fastest-growing economies and digitising rapidly, but due to the shortage of security expertise in the region, organisations are increasingly turning to security experts like Horangi. This is especially prevalent in Indonesia, where we have been focused on since 2016. Having a strong team, local insights and technology capabilities allow us to partner with strategic investors to help propel our next growth stage,” said Horangi CEO and Co-Founder Paul Hadjy.
George Do, Chief Information Security Officer of Gojek said, “The challenges that the region face in this age of digitalisation needs to be met with a holistic cybersecurity strategy that requires a security-first mindset. We’re lucky to be partnering with Horangi to reinforce our commitment to the safety of our customers, driver partners, merchants, service providers, and business partners. Gojek has grown into the biggest on-demand application platform in Indonesia and Southeast Asia, its application is accessed by more than 30 million users each month in Southeast Asia.”
Since its launch in 2016 by former Palantir cybersecurity experts Paul Hadjy and Lee Sult, Horangi has worked with over 200 customers, including Gojek, Ninja Van, Shopback, Tiket and Property Guru, to provide best-in-class cybersecurity solutions.
Horangi's cloud security product — Warden — protects organisations using public cloud infrastructure from critical security threats and compliance violations in the cloud. Warden is featured on the AWS Marketplace and Horangi is a Select tier partner in the Amazon Web Services Partner Network. Horangi's services, which include Penetration Testing and vCISO, empower organisations of all sizes to stay ahead of the most sophisticated cyber threats. Horangi recently announced that it became Tokio Marine Insurance Singapore's (TMiS) first cybersecurity partner in the Asia-Pacific region.
Michael Aw, Partner at Provident Growth shared, “Our investment in Horangi is in line with Provident Growth's investment philosophy to back growth-stage technology companies. Horangi has a stellar founding team with many years of cybersecurity experience, and has established a strong brand among reputable technology customers and a market-leading position in its core markets.”
Provident Growth will support Horangi in realising the full potential of its existing cybersecurity businesses while investing further in enhancing its technology capabilities. Horangi will also be able to leverage on Provident Growth's strong operating experience, extensive network and relationships in Southeast Asia.
Dr Jeremy Loh, Managing Partner at Genesis Alternative Ventures which has supported Horangi since their Series A funding said, “As Horangi scales its business, choosing a venture lender who is committed and understands the business is critical. It’s not only about access to capital, but also the flexibility and the invaluable network that Genesis brings along.”