Business

Jul. 23, 2013 12:00 pm

Cybersecurity startup Riskive raises $2.2M with local investors’ help

The Federal Hill-based startup benefitted from having a group of "strategic investors," said CEO James Foster.

From left: Betamore cofounder Mike Brenner, Riskive COO Evan Blair, Riskive CEO James Foster, and TEDCO president Rob Rosenbaum. Photo from this year's Incubator Company of the Year Awards.

Full disclosure: Betamore cofounder Mike Brenner is a partner with Technically Baltimore, which works on occasion from the Federal Hill incubator.

Cybersecurity startup Riskive, which specializes in social risk management for social media accounts, has raised $2.2 million in a new round of seed funding, according to a statement from the company based in the Federal Hill neighborhood.

The funding, which Technically Baltimore picked up in our Startup Roundup last week, comes from Genacast Ventures (a Philadelphia fund formed in partnership with Comcast Ventures) and Core Capital, along with some local investors, including Greg Cangialosi of the Baltimore Angels and Frank Bonsal, founder of New Enterprise Associates.

While attracting early-stage capital is an area where Baltimore, the city and region, has room to improve, the Betamore-based startup benefitted from having a group of “strategic investors,” said Riskive CEO James Foster.

“We were very fortunate during our process as we had the ability to select only strategic investors that knew our space and wanted to be active with us as we quickly grew our business,” he said. “While the Mid-Atlantic region is still not on par with California, NYC or Boston, it’s early-stage funding resources are continuing to grow in size and maturity.”

Riskive, which won the Cyber/Homeland Security award at this year’s Incubator Company of the Year Awards, employs 12 people full-time “with the goal of 15 by the end of August,” Foster said.

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Andrew Zaleski

Andrew Zaleski is a freelance journalist in Philadelphia and the former lead reporter for Technical.ly Baltimore. Before moving to Philadelphia in June 2014, he was a contributing writer to Baltimore City Paper and a Tech Check commentator for WYPR 88.1 FM, Baltimore city’s National Public Radio affiliate. He has written for The Atlantic, Outside, Richmond magazine, Washington City Paper, Baltimore magazine, Baltimore Style magazine, Next City, Grist.org, The Atlantic Cities, and elsewhere.

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