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Ex-AVG Execs Bump Up Cyber Fund

A group of former executives and investors from anti-virus software maker AVG have raised US$55 million (A$69 million) for a fund to invest in cyber security companies.

Evolution Equity Partners, which raised $70 million in its first funding round in 2015, is looking to bulk up its portfolio at a time when cyber attacks and hacks worldwide are surging. Managing partner Richard Seewald said the fund would look to add up to five companies to its current portfolio of nine, which includes Boston-based Carbon Black, widely tipped as a potential stock listing.