HERZLIYA, Israel, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET) (“Safe-T” or the “Company”), a global provider of cybersecurity and privacy solutions for consumers and enterprises, today announced the closing of a non-dilutive strategic funding agreement of up to $4,000,000 to support the further growth of its consumer privacy solutions and its customer acquisition program.
Under the terms of the agreement, O.R.B. Spring Ltd. (“O.R.B.”) will provide the Company with an upfront cash commitment of $2,000,000 with an additional $2,000,000 available subject to achievement of certain milestones. The funding, made through a series of cash installments until July 2023, will be allocated specifically towards Safe-T’s customer acquisition program for one of its consumer privacy solutions. O.R.B. is controlled by Barak Avitbul, an accomplished technology industry entrepreneur and leader and the founder and former CEO of the Company’s enterprise privacy business subsidiary, NetNut Ltd.
“This strategic funding of up to $4 million enables us to invest into our consumer privacy customer acquisition program and grow our business. Considering current market conditions, this deal structure is much more efficient for the Company as it allows us to eliminate a material amount of transaction costs and fees without impacting our existing shareholders at current market valuations,” said Shachar Daniel, Chief Executive Officer of Safe-T Group. “Importantly, we consider it a great privilege to have a former executive of our group making an investment in the Company by aligning his financial interests with those of the Company. This is a sign of commitment and confidence in our offering and business model, as well as in our team.”
https://www.globenewswire.com/news-release/2022/08/10/2495768/0/en/Safe-T-Group-Secures-Up-to-4-Million-in-Strategic-Non-Dilutive-Funding-to-Boost-Consumer-Privacy-Business.html