Advising Turkven on their $24 million Series B investment into Picus Security.
Flow Partners acted as a financial advisor to a leading private equity firm Turkven on their $24 million Series B investment into Picus Security, a Turkey-based BAS company which simulates real-world cyber threats to enable enterprises to continuously assess and improve their security controls.
Istanbul, Turkey
San Francisco, United StatesOverview
Turkven came across Picus Security as an exciting growth investment opportunity ahead of their Series B. The company had demonstrated stellar KPIs in the breach and attack simulation space, a niche but fast-growing segment of cyber security. We provided buy-side advice to Turkven that resulted in leading a $24 million round.
This transaction highlights Flow Partners' stellar track record in the cybersecurity and software space, having e.g. supported
Transaction Background
A $24 million Series B funding round was led by Turkven in October 2021 - with participation from existing investor Earlybird Venture Capital as well as industry veteran Nathan Dornbrook. The new capital will help the company accelerate expansion plans around the globe and brings the total raised by the firm to $33 million.
Results
Picus has been recognised by organisations such as Frost & Sullivan for their best-in-class innovation and they are highest-rated BAS vendor based on reviews posted to Gartner Peer Insights. A shift in headquarters to San Francisco marks their global ambition with the market for BAS forecast to grow at a CAGR of 37% to 2026E.
Since the investment, the company has performed exceptionally well and just 7 months later, Mastercard announced a strategic minority investment in Picus to help their customers strengthen cyber resilience with the launch of a new 'Cyber Front' platform.
About Picus Security
Picus' Complete Security Control Validation Platform safely simulates real-world cyber attacks to continuously assess, measure and help optimize the performance of security controls. Picus validates controls at prevention and detection layers, including NGFW, SIEM and EDR tools, and supplies easy-to-apply, vendor-specific content to help security teams swiftly address threat coverage and visibility gaps. Picus is recognized by Frost & Sullivan as one of the most innovative vendors in the Breach and Attack Simulation market and is the most highly rated BAS vendor based on reviews posted to Gartner Peer Insights.
About Turkven
Turkven is a leading private equity firm with over $1.5 billion of AUM and a strong team of investment professionals based in Istanbul, focused exclusively on opportunities in Turkey. Established in 2000, Turkven was the first independent private equity firm in Turkey and has a fostered culture of company-building and sectoral expertise - underpinned by first-hand experience from its portfolio of leading firms across industries.
About Flow Partners
Flow Partners provides founder-friendly corporate finance and fractional CFO advice to technology entrepreneurs globally. Flow was founded in 2020 and operates globally with presence in London, Berlin, Warsaw and Miami.
For more information, please visit flowpartners.io.
Enquires
For all enquiries please contact the team at hi@flowpartners.io
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