Telefónica Ventures, the corporate venturing unit of Spain-based telecommunications group Telefónica, has co-invested in Spanish cybersecurity company Blueliv as part of a first round of venture funding for the company worth EUR 2.5m ($3.22m).
This makes Blueliv the first example of joint investment between Kibo Ventures, a branch of the Amerigo Venture Capital network sponsored by Telefónica, and Telefónica Ventures. Telefónica will also endorse the company’s potential through Telefónica Digital and its subsidiaries in Europe and Latin America, by including Blueliv solution in its cyber security offer.
The funding has been raised to develop new products and fund the firm’s international expansion.
Blueliv has developed a cloud-based solution that protects organizations from credit card fraud, data theft, and the latest generation of malware and cyber threats. In response to the need of businesses and governments to stem the rapid transformation and evolution of cyber attacks, Blueliv has designed a technology that enables real time searches for threats originated outside the perimeter of a company’s Information Systems.
In the two years since its launch, Blueliv has obtained important clients in the financial, energy and telecommunications sectors in Spain and Latin America. Blueliv looks to expand its presence to the United States, Latin America and Europe.
In the coming years, Blueliv expects to increase its turnover exponentially, reaching EUR25m by 2017. Moreover, this year the company plans to double the number of cyber security and intelligence specialists.
Ana Segurado, coordinator for Telefónica Open Future, said: “This investment, in addition to the one recently announced by Amerigo through Kibo Ventures in Zuzeen (a startup accelerated by Wayra), are two clear examples of the collaboration between Telefónica’s different investment instruments. As initiatives integrated into Telefónica Open Future –a global platform that is open to our partners for the purpose of sharing our innovation initiatives– they also reflect Telefónica’s commitment to technological innovation and enterprise.”
In order to implement the capital increase, Blueliv received legal counsel from Rousand Costas Durand, a law firm specialising in technological start-ups, innovation, and entrepreneurship. Baker & McKenzie advised Kibo Ventures and Telefonica on the transaction.