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CodeSealer Raises $3M

COPENHAGEN, DENMARK, Danish software company CodeSealer received a capital injection of $3 million from SEED Capital, VF Venture and the company's management.
CodeSealer has developed a unique software solution to protect web banks against hackers, and the company already counts some of the largest banks in the Nordic region among its customers.

The injected millions will be spent on an international expansion of the company's software. The initial focus will be on an expansion to the rest of Europe and then the entire world.

"We know that the international sales potential of our software is enormous. We are currently engaged in a dialogue with a large number of the world's largest banks, and they confirm that we have a truly unique product that will solve a major problem for them", says Nicolaj Hoejer Nielsen, CodeSealer co-founder and CEO. "The capital injection provides us with the strength required for international growth. Our goal is to make our software the international standard for protection of web bank customers against hackers", he adds.

Hacking attacks against web banks are a major problem

Hacking attacks against web banks are a major and increasing problem. Worldwide, over USD 3 billion are stolen every year, and in the USA alone it is estimated that over USD 1 billion are stolen by hackers every year - an amount which is many times larger than for example the amount stolen by bank robbers.

"CodeSealer's technology solves a major problem for banks and consumers all over the world. As an increasing number of consumers use web banks and mobile banks, there is a growing need for protection against hackers. We look forward to helping the company realise the enormous potential for international growth which CodeSealer has already proved to exist for its software", says Ulrik Joerring, who is in charge of Vaekstfonden's direct venture investments.

Lars Andersen, partner of SEED Capital, adds: "We have been investing in CodeSealer since the company's foundation in 2010, and we are impressed by the positive development experienced by the company in this very short period of time. With the new funds, the company will be well prepared to realise its goal of becoming the most important player in the market for protection of web banks against hackers".

About CodeSealer:
CodeSealer is a Danish software company that has developed a unique software solution protecting web banks and mobile banks against hackers. The company's customers are banks and other financial institutions. CodeSealer was founded in 2010 by encryption expert Martin Boesgaard and serial entrepreneur Nicolaj Hoejer Nielsen. Already in 2011, CodeSealer was recognised as being one of Europe's most promising start-ups by the magazine Red Herring.

About Vaekstfonden:
Vaekstfonden is a Danish state-owned investment fund making venture investments via its investment company VF Venture. In collaboration with private investors, Vaekstfonden has since 1992 co-financed growth in more than 4,100 Danish companies at a total capital commitment of DKK 11.4 billion. Vaekstfonden makes equity investments through partnerships with private investors and provides financing through loans and guarantees in collaboration with Danish financial institutions.

About SEED Capital:
SEED Capital is Denmark's largest venture capital fund for seed investments (seed phase) specialising in the identification, financing and development of competent and innovative entrepreneurs to help them create the life science, cleantech and IT companies of the future.
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