Project A backs encryption startup ZenGuard2013-10-21 2
Berlin-based company builder Project A Ventures today announced a six-figure investment in online security service ZenGuard. The news comes just one week after German media conglomerate Axel Springer announced a €30m investment in the company builder.
The Berlin-based startup wants to help protect users’ privacy when on the internet by offering a browser plugin (called ZenMate) that changes users’ IP address and encrypts all outgoing and incoming traffic. ZenGuard said it will use the funding to improve its technical development, work on new features and grow the team. The plugin will be free initially but the team has plans to implement a freemium model in the future.
Alongside the capital, Project A will also support ZenGuard in areas such as marketing and IT. A number of business angels also contributed to the funding round, including eDarling founder David Khalil, Home24 cofounder Philipp Kreibohm and ladenzeile.de founder Robert Maier.
ZenGuard also has a connection to Axel Springer – the startup took part in the first round of the Axel Springer Plug and Play Accelerator, a three-month programme which provides startups with €25,000 in seed funding for a five per cent shareholding.
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