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Cybersecurity firms hit $23 billion mark in Q1 2024

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TLDR:

  • Cybersecurity companies raised $2.3 billion in funding in Q1 2024, a 20% decrease from Q1 2023.
  • 77 funding rounds were tracked, with late-stage rounds making headway compared to 2023.

According to a report from Pinpoint Search Group, cybersecurity firms raised $2.3 billion in funding in the first quarter of 2024. This amount marked a 20% decrease compared to the same period in 2023. Despite the decrease, the report highlighted that companies raised more than in Q2 and Q4 of 2023 and the same as in Q3 2023. The report tracked a total of 77 funding rounds, with 32 being seed rounds, 18 Series A, and 9 Series B. Late-stage rounds saw an improvement in both transaction volume and funding amount compared to most of 2023. The report also noted that the total funding across 42 rounds in March alone exceeded $1 billion for the first time since February 2023. Significant funding rounds in Q1 were announced by companies like Silverfort, Extrahop, Bugcrowd, Coro, Axonius, Nozomi, and Claroty. Mark Sasson, founder and managing partner at Pinpoint Search Group, commented on the funding trends and highlighted the positive indicators for the cybersecurity field, especially with investments in late-stage companies. This trend may help prevent the widespread layoffs experienced in 2023. Overall, the report provides insights into the funding landscape for cybersecurity firms in Q1 2024 and highlights key trends shaping the industry.

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