August 9, 2022
INDIANAPOLIS, IN: Trava, an integrated cyber risk management and insurance platform, announces that it has closed its second round of seed funding of $4.5M. Mercury Fund, based in Houston, and Elevate Ventures join TDF Ventures, High Alpha Capital, and M25 at the Trava investment table.
Trava has experienced a growth rate of over 600% since their initial seed round of $3.5M in Q1 of 2021. This latest round of funding will be applied to the same key growth areas, because whatever they are doing, it's working.
“More and more businesses need to implement stronger security practices and the assurance of cybersecurity insurance products to make their partners and customers feel safe about working with them, but the landscape of solutions for small and medium sized businesses is still very nascent,” said Mercury Fund Managing Director, and newest Trava board member, Aziz Gilani. “We believe that Trava is the answer. Jim Goldman, with his background as CISO at ExactTarget, and his team, are tested and know the real-world security concerns of the industry.”
Mercury Fund has been investing in the cybersecurity market since 2005. Amid a sluggish quarter where VC funding appears to be experiencing a drought, Trava's results are hard to ignore. Trava is expanding its sales and marketing departments, as well as its cyber risk insurance division.
"Trava's innovative approach to cyber-risk management shows game-changing potential that brings threat detection, management, incident response, and the broader realm of insurance risk assessment together in one comprehensive solution,” said Christopher Day, CEO of Elevate Ventures. "At a time when VC funding is reportedly diminishing, we are pleased to partner with Trava and participate in this round of funding.”
The Trava platform simplifies cybersecurity by integrating security assessments, risk mitigation, and cyber risk insurance. With cybercrime costing small and medium businesses more than $2.2 million* a year, Trava helps reduce this statistic by building unique and robust cyber risk management plans for their customers. The demand is growing exponentially, as there was a 424% increase in new small business cyber breaches* last year.
"With the global efforts to disrupt small businesses, via cyber attacks, the need for our products expands exponentially on a regular basis,” says Jim Goldman, co-founder and CEO of Trava. “We are grateful for our investors who are helping us amplify our growth to meet this ever-increasing demand."
About Trava
Trava was created to help guide and protect small and medium-sized businesses from the potential damage of cyber threats. 60% of small businesses close within six months* of a cybersecurity breach. As companies awaken to these risks, and with over 80% of small businesses lacking in cybersecurity insurance, the reliance upon trusted partners like Trava is critical to survival. Trava's team is lead by CEO Jim Goldman, who served as ExactTarget’s first CISO, responsible for enterprise-wide security governance, risk management, and compliance. He continued this role with Salesforce in a global capacity, where he built the company’s first Security GRC organization. Collectively, the Trava team has over 146 years of experience. By integrating assessment, mitigation, and insurance into one, convenient cyber risk management platform, Trava enables business owners and IT professionals to operate secure, productive businesses without fear of interruption or loss caused by cyber incidents. To learn more, visit travasecurity.com.
