An Indianapolis-based cyber risk management and insurance startup has closed on its second round of seed funding. Trava Security Inc. says it will use the $4.5 million investment to further grow its cybersecurity software platform, as well as its sales and marketing departments and cyber risk insurance division.
Trava launched out of Indy-based venture studio High Alpha in December 2020. The company’s platform is designed to help small- and medium-sized businesses bridge the gap between cyber risk management and cyber insurance.
The latest funding round was led by Houston-based Mercury Fund and Elevate Ventures in Indy.
The company closed on its initial, $3.5 million seed round in March 2021, which included investment from San Francisco-based TDF Ventures, High Alpha Capital in Indianapolis and M25 in Chicago.
Since that time, Trava has seen more than 600% growth.
“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,” Mercury Fund Managing Director Aziz Gilani said in written remarks. “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.”
As a result of the new investment, Gilani will join the Trava board of directors.
Trava says cybercrime costs small and medium businesses more than $2.2 million annually, and 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,” said 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.”
Trava currently has 27 employees and plans to add an undisclosed number of jobs with the new funding round.