One of the leading international venture capital Paladin Capital Group has announced the closure of its Cyber Fund II at $372 million with the support of Greenstone Equity Partners, a leading licensed fund placement firm in the Middle East.
Greenstone said it supported Paladin Capital in achieving the fund closure by raising capital from its network of GCC-based investors. The fund exceeded its initial target of $250 million.
Paladin’s Cyber Fund II is a multi-stage fund focusing on cybersecurity startups that bring innovative technologies to the market, according to an Arabian Business report.
Paladin said the Cyber Fund II would focus on deploying the capital across cybersecurity and online safety sectors, with an emphasis on advanced technologies that focus on protecting critical infrastructures from cyberattacks.
“At a time when cybersecurity could not be more important, Cyber Fund II is investing in digital solutions of absolute need to advance, sustain, and defend critical infrastructure and modern society. The fact that the fund was able to exceed its initial target speaks of the trust our investors have in our ability to identify some of the world’s most promising and innovative companies,” said Michael Steed, founder and managing partner of Paladin Capital Group.
Alex Gemici, Chief Executive Officer of Greenstone, said his firm’s decision to work with advanced partners such as Paladin because of their focus on developing cutting-edge technologies to combat cyber threats addresses a critical need globally.
“Our GCC investors continue to be attracted to technology investments, and we look forward to growing our partnership with Paladin over the coming years,” Gemici said.
The report further added that Paladin’s national security experience lends its partners an information advantage that can benefit the public and private sectors through transformative technologies, and this fund demonstrates the core power of our firm.
Brenda Chia, Director of Capital Development at Paladin Capital Group, said the Paladin team was appreciative that Greenstone is passionate about its vision and they looked forward to building long-term partnerships in the region.
“We thank our limited partners for their support of this fund and commitment to Paladin,” Chia said.