My Digital Shield Secured $300,000 Seed Funding

by CloudWedge Staff    |   

My Digital Shield (MDS), a leading provider of Security-as-a-Service (SECaaS) for small businesses, has just announced it has secured $300,000 in a second seed round of funding. The funding was led by a group of private investors, including Litera Investments. MDS raised the first seed round of $500,000 back in July 2014, also from Litera Investments. This bring the total seed funding raised so far upto $800,000.

Based in Wilmington, Delaware MDS founded in 2013. The goal was to bring enterprise-level security technology to small businesses at an affordable price. MDS primarily developed its userbase through a certified channel partnership program. This program allows value-added resellers (VARs), solution providers, and managed service providers (MSPs) to reinforce their security offerings and develop their sales network for increased growth and profitability.

Andrew Bagrin, founder and CEO of My Digital Shield was quoted as saying, “This funding will allow us to strengthen our channel partner program and advance our product development efforts. We are grateful to have partners that support our vision to help accelerate the continued expansion of MDS’ affordable cyber security solution within the small business community.”

According to the official press release, the new round of funding will be used to further develop and expand marketing for the company’s channel partner, as well as to further product development efforts.

This is not the step MDS has taken recently to develop the channel partner program. Just recently MDS announced the appointment of Rick Green as executive vice president of channel sales. Rick has been working for over 30 years in the networking industry and joins MDS’ executive team specifically to grow and develop the program. His role is focused on developing relationships for new partners as well as maintaining existing ones.

Litera Investments has lead both rounds of funding for the company and hopes to continue to support MDS. Marc Gerofsky, the CEO of Litera Investments was quoted as saying, “The cyber security marketplace is on the fast track to growth, as security solutions are top of mind. Seeing the early success of MDS since its launch in July has sustained our interest in propelling the company forward, and we look forward to seeing even more channel growth and product enhancements in the coming months.”

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