Entersekt, an authentication and app security company has raised a new round of funding this September with participation from Endeavor Catalyst. The investment marks Endeavor Catalyst’s first ever in South Africa.
Schalk Nolte, Entersekt’s CEO, said that cash will be used to further help finance the company’s expansion: “We hope to accelerate our move into new markets with the support of Endeavor’s very credible network of business leaders,” he said.
“We believe in the growth potential of Entersekt and in the idea that you can potentially build scale-up companies in every market across the world where Endeavor operates,” said Allen Taylor, MD, Endeavor Catalyst.
“Achieving investment is no easy task, every company goes through a rigorous, multi-step selection process as Endeavor screens thousands of entrepreneurs from around the world,” said Catherine Townshend, MD at Endeavor South Africa.
“We identify those with the best talent and potential for impact during a six- to eight-month due diligence process. At the end, only the very best entrepreneurs are selected to be a part of our portfolio.”
Once applicants have undergone the Endeavor selection process, they are eligible to receive Endeavor Catalyst funding after they have raised an equity financing round of more than $5 million from a professional venture capital or growth equity fund.
“It is a grueling process underscoring exactly how impressive the Entersekt success story is,” said Townshend.
Entersekt was recently ranked as part of a list of the world’s “hottest and most innovative companies” in the cyber security industry.
To date, Endeavor Catalyst said it has raised $100 million in philanthropically-donated and invested capital, and invested into more than 50 Endeavor companies in 20 countries.