STOCKHOLM - February 5 - COVR Security, a Sweden-based mobile cybersecurity company, closes a very successful A-round to secure investments of 25 MSEK, with several well-known Angels among the investing parties. The investments will be used to position the company to become a leader in the fragmented multi-billion dollar mobile security market.
Peter Alexanderson, CIO and Founder of COVR Security comments on the investments: ”We provide unique encrypted mobile systems across all major verticals and aim to reach 1 billion SEK in revenue by 2025. The trust our investors have put in us proves that they believe in what we are doing and that we are on the right track.”
The cybersecurity sector is poised to grow 10-15 % annually over the next 3-5 years. COVR is already operating in multiple verticals creating diversified revenue streams across industries in this nearly untapped growing multi-billion market with many opportunities.
Among the investors is Martin Randel, co-founder and executive Board Member Vitamin Well and former CEO, owner and Executive Board Member of the digital logistics company Unifaun. His reason for investing is simple ”With the ever-growing world of mobile tech, there is going to be an even greater demand for trustworthy security partners. COVR’s user-centric security platform offers a unique solution to both authenticate users while at the same time ensuring their privacy, thus catering to the needs of both companies and users.”
What mainly sets this Swedish company’s platform apart is the elimination of the need for passwords, an obsolete and insecure method for login and authentication. Another main focus is on user-centricity, which puts the user in control of all transactions.
”COVR’s mobile security platform is perfectly in line with recent, and upcoming regulations, GDPR in particular. Therefore, COVR is well positioned for taking the lead in this, as of yet, very wild-west-inspired market.” Says Per Grosskopf, chairman of Permark AB and one of the new investors.
The investments will be used for sales and marketing as well as further tech developments. With the increased sales- and marketing effort made possible by the investments, COVR projects to increase their number of users to nearly 1 million by the end of 2019.
Investor Victor Bengtsson, the former board member of Waldir AB and former owner of NetOnNet, Resurs Bank and Solid försäkring, sees great potential in the Swedish security firm: ”Having gone through their technical data and their sales- and marketing plan I feel very confident with this investment. They have done their homework, and their solution is nothing but outstanding when compared to other available solutions in the mobile security market.”
Covr Security AB, located in Malmo, Gothenburg, Stockholm, Frankfurt and Palo Alto, is a Swedish cybersecurity company. We have developed a next-generation, user-centric mobile security management app for a wide range of heavily regulated digital industries that depend on strong customer authentication and privacy. The Covr app is available both as an off-the-shelf authentication mobile app ready for a quick launch, and as a powerful SDK for hassle-free integration into existing mobile applications