Fenix24 receives a $5 million investment by Eos Venture Partners
March 2023 by Marc Jacob
an industry cyber disaster recovery firm that is transforming the post-breach restoration process and impact, announced a $5 million investment by Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners,
will join Fenix24 as a board member.
Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm redesigned the recovery paradigm after recognizing that traditional breach response could not manage foreign adversaries’ increasingly destructive tactics and the corresponding increase in business downtime and interruption.
Fenix24’s expert-led model focuses on faster, more effective post-breach restoration and drives proven reductions in business downtime. Their approach:
Starts involvement at Hour One post-breach, rather than the industry standard of waiting days or weeks to begin restoration.
Accelerates the gathering and preservation of essential data for forensics, which enables a more rapid and modularized restoration strategy.
Drives faster up-time in critical systems through aligning an executive view of business operations with front-line, technical and battle-tested expertise.
Since launching in early 2022, Fenix24’s approach is rapidly becoming the market standard for excellence in restoration. Fenix24 has:
Reduced business interruption and associated costs for customers by up to 50%.
Become the restoration partner-of-choice, growing revenue 650% annually.
Increased headcount by 400%.
Partnering with Cyber Insurers
Cyber insurers have also begun to partner with Fenix24 to target the increasing cost of business interruption post-breach.
Leading cyber insurance companies now understand that active loss management—beyond pre-breach underwriting and risk controls—is a critical component of an effective cyber program. We
are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”
$5 Million Investment
Eos’ investment will support Fenix24 in serving additional customers and further reducing downtime costs and financial impacts after a cybersecurity incident. With Fenix24, global cyber carriers, brokers and reinsurers can empower policyholders and target the most critical, damaging parts of a ransomware attack post-breach.
Eos Venture Partners is a strategic venture capital fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Working with global (re)insurers, Eos’ model is based on a partnership-driven approach with incumbents and early-stage InsurTech founders. Eos’ ambition is to positively impact 500 million lives over the next decade while generating top quartile financial returns.