French emerging manager seeder NewAlpha Asset Management has made its second investment for its French venture capital fund dedicated to fintech companies launched in November 2015.
NewAlpha has invested €1.5m in the capital of ITrust, specialised in cyber security solutions.
Established in 2007, ITrust publishes innovative cyber security software solutions and offers related services.
The company currently tallies some 100 clients across various sectors: banking, insurance, defence and aeronautics, energy and public administration.
ITrust has 35 employees and sets a target for revenue of €35m in 5 years.
“Fintech users are requested to share a great deal of sensitive information regarding their assets, income and, more generally, their private lives.
“Protecting such data is the overarching goal underpinning the development of fintech companies. The solutions offered by ITrust and the quality of its teams have convinced us of their ability to grow the company while meeting current cyber security challenges,” said Lior Derhy, managing director in charge of private equity at NewAlpha.
“Our vision of investment in fintechs leads us to take a greater interest in new technologies able to boost the development of fintechs and to create synergies with established players. From that perspective, ITrust is perfectly positioned,” concluded Antoine Rolland, chairman of NewAlpha.