Leuven-headquartered mobile app security startup Guardsquare has secured $29 million in a funding round from Battery Ventures, which purchased a majority stake in the company, De Tijd reports. This is Guardsquare's first round of institutional financing since the startup's launch in 2014.
Guardsquare's security products — DexGuard for Android apps and iXGuard for iOS — are a continuation of its first, open-source endeavour, ProGuard. According to the company, ProGuard is now used by about 25 percent of all Android apps. The initial product was focussed on the performance of Java and Android apps, while the current suite is all about security.
The startup's current yearly revenue is about €7 million, but its co-founder and president Heidi Rakels said that the plan is to grow it to €100 million within five years. In Belgium, Rakels is known not only for her entrepreneurial success but also as a multiple national champion in judo; in 1992, she also won the bronze medal at the Olympic Games in Barcelona.
The news about the major funding round comes just a day after another Belgian company, Collibra, raised $100 million at a valuation north of $1 billion. Battery Ventures also previously invested in Collibra.