Deep tech
Investing together in a European cybersecurity ecosystem
Approach
Direct investmentPartner
ACE management, CapricornDate
July 26, 2021Reading time
6 minutesWith the investment in the rapidly growing company EclecticIQ, Invest-NL makes an important contribution to the development of this European leader in cyber threat intelligence. The investment has helped the French investor Ace Capital Partners and the Belgian investor Capricorn Partners to participate in the €20 million funding round. Joep Gommers (founder and CEO of EclecticIQ) and Michiel Jonkman (senior investment manager at Invest-NL) are working together to build a strong European ecosystem.
EclecticIQ is a globally operating technology provider in the field of cyber threat intelligence, hunting and incident response. EclecticIQ supports governments, large enterprises and service providers with managing cyber threat intelligence, creating a broad and common picture of current cyber threats and an intelligence-led approach to cybersecurity. Joep: “Simply put, we help our clients manage and detect information about threats on the internet. From threats related to warfare and terrorism for central governments and security agencies to cybercrime for large companies.”
Michiel: “After an in-depth analysis and a good introduction, we were convinced that EclecticIQ was a once-in-a-lifetime funding request. Her products, the market, the trends, the management team, everything fell into place. It also became very clear to us that few investors are active in this segment. This was all the more reason for us to do everything possible to enable this funding. As the process progressed, we were reinforced in this belief.” Joep adds: “For EclecticIQ, it was very important to have Invest-NL ‘on board’. This also led to Ace Capital Partners and Capricorn Partners stepping in. The funding will be used to intensify our services, expand our portfolio, as well as strengthen the company's global base. With this investment, EclecticIQ accelerates its strategic transition from a leading threat intelligence platform provider to an innovative global leader in cybersecurity.”
Invest-NL participates in EclecticIQ’s funding round through the Temporary Bridge Loan Program for Innovative Startups and Scale-ups (TOPSS). Through the TOPSS program, Invest-NL guarantees the availability of risk capital for innovative startups and scale-ups with a healthy outlook that are affected by the Covid-19 crisis.
Michiel: “The collaboration works very well. Joep is one-of-a-kind in the sense that he excels in the most important areas a CEO should be good at (e.g., strategy, innovation, leadership, public relations). He therefore has a clear overview of the consequences of events down to the smallest detail. Joep has a pleasant personality. That makes working together very comfortable.”
In this sector, ecosystem thinking is essential.
Joep GommersFounder and CEO of EclecticIQ
Joep: “Invest-NL is very knowledgeable. There is a lot of knowledge and intelligence within that team. They genuinely want to understand the business thoroughly. In terms of finance and content. Invest-NL is also well connected within the ecosystem here in the Netherlands. That was important for us. We operate internationally but also have key clients in the Netherlands. That ecosystem thinking is very helpful. Invest-NL is a solid, robust shareholder. Although it is a young company, they have very experienced people on board. I was impressed by the speed of their actions. They had done their homework well, which allowed them to move quickly.”
Joep: “There is no large cybersecurity ecosystem in Europe. As a result, Europe cannot be strategically independent. We have a background in the American ecosystem and deliberately started in the Netherlands to contribute to such an ecosystem here.”
I believe that increased collaboration leads to better understanding of each other.
Joep GommersFounder and CEO of EclecticIQ
“Our world is increasingly threatening to polarise. We must instead pursue greater cooperation. Including with countries that are currently very sensitive, such as some countries in the Middle East. Of course, this is an issue for our business. But in the long run, it is economic collaboration that creates a mutual dependence, exchanging morals, customs, and cultures. I firmly believe that greater cooperation leads to better understanding of each other. And ultimately, to de-escalation of situations. At the moment, you see many collaborations stopping or being put on hold. That seems safe because you are less confronted with what is happening in those countries. But ultimately, this makes the global situation and our position here in Europe less stable.”
The future of the relationship between Invest-NL and EclecticIQ looks promising. Joep: “The ecosystem thinking we share is very important in this. We are a party trying to remain independent, and thereby keep this technology available for Europe. In that mission, I am confident we will find each other in the future.”
Michiel: “Since our investment, EclecticIQ has taken a few important steps. We will see the results of this over the coming years. As a board observer, I know there is still more in the pipeline, so we look forward to the future with great enthusiasm.”
Making a societal impact is very important to Joep and Michiel. Both professionally and personally. Joep: “I am self-taught. From the age of 14, I started working because education did not align with my personal experiences. I gladly support initiatives that teach young people about computer engineering, computer science, and cybersecurity in a different way than traditional education — 'learning to learn'. This approach aligns well with how young people acquire and integrate knowledge. And it fits much better with the current demands in the market.”
Michiel: “I learned from home what the power of innovation is. I grew up in an entrepreneurial family where innovation played an important role. Today more than ever, it is clear that developing new methods and techniques and successfully bringing them to market is crucial for what our future will look like. I carry this conviction with me every day at Invest-NL. Society will change more in the next 10 years than in the past 20. The number of groundbreaking technologies on the brink of a breakthrough is impressive. I believe many people's expectations will be exceeded.”