Young entrepreneurs create fund to attract investment in the area of cybersecurity

Two young entrepreneurs (Carlos Alberto Silva and Carlos Moreira da Silva) joined an asset management company of Spanish origin and created, in Porto, the N33 Ventures, a venture capital focused on investing in cybersecurity companies in Europe, Israel and the United States.

For the Vice Mayor of Porto and councillor for Innovation and Digital Transition, Filipe Araújo, "the emergence of 33N in Porto reinforces our position as a city of knowledge, creativity and innovation, which acts as a pole of attraction for strategic players for an innovative and highly competitive ecosystem".

The company's initial objective is to raise 150 million euros to create the first fund, which will mainly target investments in series A and B, with an average ticket of approximately 10 million euros and an investment capacity of 20 million euros, already guaranteed by Alantra and its strategic partners.

"We are convinced that - with the strong knowledge of this industry and the experience of the team, with the high quality of the founding network and with the support of Alantra in this new venture - 33N can become a leader in the European and Israeli ‘venture capital’ ecosystem", says Carlos Alberto Silva in a statement.

The same official recalls that "secure digital transformation is a top priority for governments, institutions, companies and investors around the world, [so] the opportunity in this space is enormous".

In the same statement, 33N states that “the cybersecurity market is expected to reach more than $160 billion [about €165 billion] by 2022, with robust double-digit annual growth projected for the coming years as investment opportunities grow at a rapid pace”.