Provident Growth leads $20m round for Singapore's Horangi
Horangi, a Singaporean cybersecurity specialist, raised $20 million in a Series B round led by Provident Growth, a Southeast Asia-focused private equity firm in Hong Kong.
Other investors in the round include Monk's Hill Ventures, Australian venture capital firm Right Click Capital and venture debt provider Genesis Alternative Ventures. Previously, the company raised $3.1 million in a Series A round in 2017. Provident Growth makes technology investments in Southeast Asia. It is affiliated to Provident Capital, a Singapore-headquartered private equity firm most active in Indonesia.
Founded in 2016, Horangi offers cloud security solutions to digital and traditional businesses, particularly small and medium-sized enterprises (SMEs) in Singapore and Indonesia. Founded by former Singapore-based Palantir employees Paul Hadjy and Lee Sult, the company has developed a single dashboard that allows clients to view potential security threats after undergoing an information security audit. It also provides penetration testing (testing the integrity of systems through simulated cyber attacks), security assessments and cybersecurity for employees.
Horangi claims to have worked with over 200 customers in Southeast Asia and seven offices across the wider Asian region. The new capital will be used to double headcount and incorporate machine learning and artificial intelligence tools into solutions.
“Southeast Asia is one of the fastest-growing economies and digitizing rapidly, but due to the shortage of security expertise in the region, organizations are increasingly turning to security experts like Horangi. This is especially prevalent in Indonesia where we have been focused on since 2016,” Hadjy said in a statement.
Provident Growth's past investments include Indonesian ride-hailing platform Go-Jek, Thailand-based fashion retailer Pomelo, big data processor Advance.AI, travel booking site Traveloka, and online personal loan processing business Julo Finance. It has also committed capital to JD.com-backed joint ventures in e-commerce firms in Thailand and Indonesia.
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