Cybersecurity startup Trava secures $3.5M in seed funding to protect businesses from cyber threats
Ransomware attacks are on the rise. In 2020 alone, the global estimated cost of ransomware attacks is $20 billion. The average cost of a ransomware attack on a business is $133,000. 88% of small business owners believe their business is vulnerable to a cyberattack, according to the 2021 Ransomware Statistics, Data, and Trends report.
To mitigate ransomware attacks and other cyber threats facing millions of businesses around the world, Trava Security is a cybersecurity startup that protects small and midsize businesses from the potential damage of cyber threats using its integrated cyber risk management and insurance platform.
Today, Trava announced it has closed a $3.5 million Seed round. The round was led by TDF Ventures and included participation from High Alpha Capital and M25. Trava plans to use the new funding to invest in data science and machine learning expertise to fuel the development of its insurance analytics platform. In addition, they intend to hire key roles in sales, engineering, and customer success. The company also expects to double its workforce by this time next year.
Founded by a former FBI cybercrimes task force officer and a data backup software engineer-turned-executive, Trava exists to protect small and midsize businesses from the potential damage of cyber threats. 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.
Trava is led by Co-Founder and Chief Executive Jim Goldman, former VP of security governance, risk management, and compliance at Salesforce with over 30 years of experience in cybersecurity and risk management.
“There’s a data gap in the cyber insurance industry. Specifically, there’s a lack of objective cyber risk analysis, which makes it nearly impossible for insurers to accurately predict loss, set premiums, and protect insureds,” said Goldman. “Trava exists to bridge that gap. Thanks to our partners at TDF Ventures, High Alpha Capital, and M25, we can accelerate the creation of an integrated cyber insurance company—one that collects, analyzes, and incorporates cyber risk data to provide better coverage for small and medium-sized businesses.”
With data-driven security assessments, professional services from a virtual Chief Information Security Officer, and a built-in cyber insurance platform, Trava provides an integrated and dynamic cyber risk management system its customers can trust.
“In only a few months since launch, Trava has demonstrated that they can provide a holistic cyber risk solution unlike any others I’ve seen in the market,” said Matt Bressler, Principal at TDF Ventures. “We think this growth funding and our investment partners will enable them to scale quickly and continue developing cyber and insurance products that provide small- and medium-sized businesses unparalleled security and financial protection.”
Early momentum for Trava shows an opportunity among high-growth startups, particularly those selling into the enterprise market for the first time. Alongside a growing network of IT MSP, MSSP, and insurance channel partners, Trava works with customers to assess existing vulnerabilities and cyber maturity, then helps them develop and implement robust cyber risk management and transfer programs to meet vendor review requirements. As a result, customers improve their cyber protections and can achieve their business goals.
“For a growing startup, time is one of the most valuable assets,” said Luke Jacobs, CEO and Co-Founder of Encamp, one of Trava’s early customers. “Trava made it possible for us to break into the enterprise space at least six months quicker than we could have by ourselves—the ROI was extremely clear.”