Launched in 2016, Myki is a leading cybersecurity startup who recently landed a successful $4M Series A funding. In this article, we ask the co-founders about their growth plans, challenges, and advice for rising entrepreneurs.
A 2016 PwC Global State of Information Security® Survey covering 10,000 companies across 127 countries shows that there is generally minimum awareness among users in the MENA of their right to online privacy. “Only 37% of respondents in the region have a comprehensive security and training awareness program (compared with 53% globally) and only 32% require employees to complete training on privacy policy and practices compared with 55%.”
That’s why leading cybersecurity startup Myki considers empowering users in their cybersecurity ‘hygiene’ as a top priority. The startup is a self appointed active ambassador in this space as it provides users with the right tools and technologies to manage and protect their sensitive data and credentials in a time witnessing massive size data breaches.
In September 2016, Myki was selected to be part of the Arab Startups Delegation as part of the MITEF Pan Arab's Silicon Valley Program during which they also participated in TechCrunch Disrupt Battlefield. Since their official launch back then, Myki has been dominating headlines and turning heads to its massive potential as a leading identity management solution provider.
Founded by Antoine Vincent Jebara and Priscilla Elora Sharuk, Myki is a startup that offers an innovative password management solution eliminating the risks associated with cloud storage by safeguarding passwords and sensitive data offline. With Myki’s Offline Password Manager & Authenticator, users have full and safe control over password storage, Two-Factor Authentication (2FA) secrets, payment cards, secure notes and government IDs offline in a cloud-less manner.
“We see ourselves as an eye-opener for our generation and believe that everyone should be continuously informed to proactively avoid threats and potential hacks” remarks Priscilla Sharuk, co-founder and COO of Myki.
Myki partners up with key players in the tech and startup world to boost awareness on cybersecurity and through a dedicated blog, they offer easy and bite-size insights on cybersecurity to bring awareness on the importance of using proper password management techniques and securing data offline.
Drive and global ambitions lead to Series A funding
Early September this year, the cybersecurity startup secured a 4M USD Series A round from MENA’s top investors: Leap Ventures, Beco Capital, and B&Y Venture Partners.
On what triggered the firm's decision to invest in cybersecurity for the first time, Amir Farha, Managing Partner at Beco Capital, explains that the group targets sizable markets, "and cyber security is a space that is large and fast growing". According to Farha, Myki's founding team has demonstrated the ability to learn quickly and focus their efforts on a specific problem targeted at Managed Service Providers (MSPs). "We invest in extraordinary founders that have tremendous potential. Antoine and Priscilla posses those qualities and are extremely ambitious" Farha explains.
Hala Fadel, Founder and Managing Partner at Leap Ventures explains that it is “Myki’s driven hard work and global ambitions that pushed the Beirut-based VC to invest in the startup.”
To a question on what she believes is a full proof methodology for a startup to financially sustain its business, Fadel explains that startups should “track their key metrics from the start and put in place the right financial tools to do that”.
On growth strategies and other challenges
“Challenges are also our biggest rewards when we overcome them,” remarks Sharuk. Expansion to new markets is a major challenge for the startup as they plan to expand US operations in the Enterprise space. Co-founder Sharuk also sites hiring the right talent as a major challenge in terms of both skill-set and culture. She advises the next generation of entrepreneurs to seek people who share their vision and are determined to work on creating value for end users on a daily basis.
Sharuk emphasizes the need to remain consistent regardless of the targets in site. “We are firm believers that small victories build up the big picture and that’s why the team spirit is as important as growth objectives” she explains.
“The real strength of a growth strategy is definitely the ability to juggle both goals and challenges together and know when to delegate tasks to your team” explains Sharuk when asked about her advice to startups on building successful growth strategies post funding.
She explains how the Myki team focuses its efforts on a common goal to be developed and nurtured to maximize chances of growth.
“Today, with over 270,000 users worldwide and a rapidly-growing user-base, it is safe to say that we are well-positioned to address the security and identity management needs and concerns of consumers and businesses alike,.” says Myki’s Priscilla Sharuk.
In no time, Myki was able to attract international recognition as they were named one of the “Best Password Managers of 2018” by PCMag and as one of Apple’s ‘Most Powerful Password Managers’. It was also ranked Forbes’ Top 100 Startups’ list for two years in a row and most recently Myki was awarded ‘Best SAAS Solution’ at the SMB TechFest in California as voted by industry experts.
The Myki family keeps on growing with new offices in NYC and recruits from all over the world to help build the future of digital identity.
