Defendify Co-Founders Rob Simopoulos (right) and Andrew Rinaldi.

Defendify, a Portland-based cybersecurity-software startup, has raised $1.6 million in its first round of financing.

The company, co-founded in 2017 by Rob Simopoulos and Andrew Rinaldi, has developed an online software-as-a-service (SaaS) platform that helps small- and medium-sized businesses manage their cybersecurity needs.

While cybersecurity has become an essential business requirement given how much sensitive data companies collect and store online, it remains an area that’s often neglected by small-business owners. While there are several large firms that provide cybersecurity services to large companies, Defendify created a SaaS product designed to be easy to use, accessible and focused on providing several layers of cybersecurity to that small-business owner.

The company introduced its product to the market in September 2018. The company declined to disclose revenue figures, but Rinaldi said that since the launch, the company’s month-over-month revenue growth has averaged 14%. He said they expect year-over-year revenue growth in the next couple years to average over 200%. It currently has 11 employees in its Portland office, but Rinaldi said that headcount could double by the end of this year.

This financing round consisted of convertible notes and was led by private investors, including 3dot6 Ventures, a small investment fund led by Norman Menz and Jonathan Dambrot, the pair who built Prevalent, and focused on early-stage companies in the cybersecurity sector. In addition, the Maine Technology Institute also provided a $25,000 grant and a $250,000 development loan.

Dambrot of 3dot6 Ventures said small- and medium-sized businesses are under immense pressure to find cybersecurity solutions that help meet regulatory needs and satisfy customers.

“Finding a way to do that holistically and at a reasonable price point has been very challenging, until now,” Dambrot said. “Defendify solves a critical problem in a massive market that is largely ignored.”

Defendify will use the proceeds from the round to expand its core SaaS product, as well as to grow its network of channel partners that market and sell the SaaS product to their existing customer base.

Simopoulos, a 20-year veteran of the security industry who co-founded the company, called the Defendify platform “comprehensive enough that our channel partners don’t need to build a technology stack, simple enough that they can onboard their customers in minutes and cost-effective enough that they have a competitive advantage.”

He continued: “This round of funding allows us to scale Defendify and we look forward to continuing to partner with [our channel partners] and investors to transform cybersecurity for small businesses.”

Rinaldi, a marketing and web development veteran who co-founded the company with Simopoulos, previously told Maine Startups Insider that by the end of 2019 the company expects to have hundreds of reseller partners across North America.

“At the same time, we’ve just started to scratch the surface and need to continue to move quickly to execute existing go-to-market strategies while ramping partner acquisition and success,” Rinaldi said. “It’s a massive opportunity before us and 2019 should be a critical year of acceleration and growth for Defendify.”