Cybersecurity startup Jit raises $38.5 million in Seed funding (CTech)

Meir Orbach 14:05, 15.06.22

Cybersecurity startup Jit.io, which makes the field of product security accessible to application developers on the cloud, has raised $38.5 million in Seed funding led by Boldstart Ventures, Insight Partners, Tiger Global Management, and strategic angel investors. Founding co-CEO Tsahy Shapsa told Calcalist that even in a time of crisis, significant Seed funding can be recruited. “We took the crisis into account. Similarly to Snowflake, we are building a company that’s revolutionizing a market and that requires time and money. We did not want such a large amount of money but both Insight Partners and Tiger Global approached us and said we were doing something revolutionary and made it clear that they believed we needed more money than we thought. The third investor, Boldstart Ventures, was Snyk’s first investor and they are the seed fund with the most unicorns in the world and are experts in companies that build solutions for development organizations.”

Behind the company is a unique body that has just been unveiled and is called FXP, a new Israeli-American startup venture studio. FXP is headed by Shapsa, Ron Zalkind and Gil Zimmermann. All three were former founders of Cloudlock, which was sold to Cisco, and have now decided to embark on a new path in which they will establish companies in a different model. “Gil, Ron, and I have been friends for 30 years and partners for 15 years. Our latest company Cloudlock was sold to Cisco for $350 million. When we got out of there we decided we wanted to be parallel entrepreneurs like Elon Musk who is a parallel entrepreneur like no other,” Shapsa said.

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