[Funding News] Cybersecurity Startup Blackpanda Secures $6.7M Strategic Investment

Blackpanda, Asia’s leading cyber emergency response firm, today announced it has raised US$6.7 million in strategic funding from Singtel Innov8, Gaw Capital Partners, and WI Harper Group.

The financing will accelerate Blackpanda’s expansion across Asia and enhance its comprehensive “IR-1” cyber security solution, strengthening end-to-end protection and transforming cyber emergency response and recovery for businesses in Asia. This brings Blackpanda’s total Series A round size to an aggregate of US$21.7m.

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The funding coincides with the integration of Blackpanda Underwriting, Asia’s first “pure play” cyber risk underwriting coverholder backed by Chaucer of Lloyd’s of London, into the Blackpanda Group. This completes Blackpanda’s comprehensive cyber resilience offering, delivering a single solution for businesses to address critical challenges before, during, and after a cyber attack.

“Cyber attacks are an existential threat to businesses, yet most lack access to affordable emergency response services,” said Gene Yu, Founder & CEO of Blackpanda Group. “Our IR-1 solution provides price-optimized, end-to-end cyber emergency response for a fixed-cost subscription. We envision a world where every business has access to essential cyber protection, and this funding brings us closer to realizing that vision.”

‍Singtel’s Cyber Elevate Programme, a holistic, training and cyber incident management initiative aimed at improving the cyber security resilience of small and medium enterprises, has incorporated Blackpanda’s solution in its overall offering.

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“In today’s highly sophisticated threat landscape, it’s imperative for businesses to have the right cyber protections in place to protect their critical assets. We offer many services and solutions that help businesses to bolster their cyber resilience. Through our partnership with Blackpanda, we’re able to provide further support to small and medium businesses that are typically more at risk of attacks,” said Ng Tian Chong, CEO of Singtel Singapore.

“With the growing demand for cost-efficient and effective cyber incident response and cyber insurance across Asia Pacific, we see a significant opportunity for Blackpanda’s localized and segment-focused product suite to expand and grow in the region,” said Wan Kum Tho, MD Investments, APAC of Singtel Innov8.

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Herbin Koh, Head of Venture and Growth Equity of Gaw Capital also commented, “Blackpanda has shown excellent growth and expertise by leveraging Singapore and Hong Kong as East Asia’s leading cyber security and cyber insurance markets. In the first two quarters of 2024, Blackpanda in Hong Kong achieved YoY revenue growth of 140%. We believe their best-in-class incident response capabilities, technology solutions, and innovative business model have set them on an ambitious path to become Asia’s own pre-eminent cyber resilience solution.”

Blackpanda counts major telecommunications providers as strategic partners of their cyber protection solutions across Asia, including Singtel, Macroview (a HGC group company), and Companhia de Telecomunicações de Macau (CTM). Going forward, these strategic partnerships and funding will fuel Blackpanda’s mission to provide accessible, comprehensive cyber protection to businesses across Asia.

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Blackpanda is Asia’s premier cyber emergency response firm, dedicated to providing businesses across the region with comprehensive solutions to prepare for, respond to, and recover from cyber attacks. We serve businesses of all sizes, from startups and SMEs to multinational corporations.

Established in 2010, Singtel Innov8 is the corporate venture capital fund of Singtel, Asia’s leading communications technology group. With an evergreen fund of US$350 million, Innov8 invests in and partners start-ups with promising innovations and possible applications for Singtel Group’s diverse business needs.