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European CyberTech deal activity outperforms global CyberTech market in Q2 2023
- ? European CyberTech deal activity reached 49 funding rounds in the second quarter, a 9% drop from Q2 2022
- ? European CyberTech companies raised a combined $83m in Q2 2023, a 73% drop YoY
- ? Global CyberTech deal activity dropped 16 percentage points more than European CyberTech deal activity in Q2 2023European CyberTech had a resilient Q2 2023 only seeing a small drop in deal activity. In the second quarter of 2023, there were 49 funding rounds completed by European CyberTech companies, reflecting a 9% decrease compared to Q2 2022. In the second quarter, the decline in global CyberTech deal activity was 16 percentage points greater than the decrease observed in the number of transactions in the sector in Europe. During Q2 2023, CyberTech enterprises on the continent secured a total funding of $83m, indicating a significant 73% YoY decrease.Sekoia, a cybersecurity saas company, had the largest European CyberTech deal in Q2 2023, raising $37.6m in their latest Series A funding round. Banque des Territoires, Bright Pixel (former Sonae IM), and previous investors BNP Paribas Développement, Omnes Capital, and Seventure participated in the funding round. Sekoia will use the fresh funding to help continue its expansion and to develop its international footprint. Freddy Milesi, CEO of Sekoia.io, says, “Since the public launch of our platform in 2020, Sekoia.io’s technology has proven its worth to the security teams of major CAC40 companies, large European and French administrations, as well as major players in managed security services.” Sekoia.io offers a SOC platform that combines XDR capabilities with cyber threat intelligence to monitor for ransomware and other types of malicious attacks. The platform also offers interoperability, integrating with customers’ existing cybersecurity solutions for single-place control. Sekoia.io currently has roughly 100 employees and is looking to expand its presence in new markets.The UK was the most active European CyberTech country in Q2 2023 with 12 deals, a 26% share of deals. France was the second most active with ten deals, a 21% share of deals and Germany was third with five deals.NIS2 (Network and Information Security Directive) is the EU's latest and first EU-wide cybersecurity legislation, aiming to enhance cybersecurity uniformly across Member States. However, its implementation led to market fragmentation due to challenges. To address escalating digital threats and cyberattacks, the Commission proposed replacing the NIS Directive. The new proposal, called NIS2, aims to fortify security requirements, manage supply chain security, simplify reporting, and enforce stricter measures with uniform penalties across the EU.The expanded scope of NIS2 aims to improve European cybersecurity in the long run. The legislative process for NIS2 involved the European Parliament's Committee on Industry, Research and Energy, leading to a political agreement in November 2022. The directive became effective on January 16, 2023, and Member States have until October 17, 2024, to incorporate its provisions into national law. This summary is based on the fourth edition of the 'EU Legislation in Progress' briefings, which are regularly updated during the legislative procedure.
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