Oneleet - No Nonsense Cybersecurity Compliance

Company & Team Introduction

Oneleet is the cybersecurity platform that ensures your company is compliant fast so you can start closing those big deals. The company was founded in 2022 by Bryan Onel (CEO) and his wife, Ora. Before Oneleet, Bryan spent over a decade as a cybersecurity consultant performing penetration tests for various software businesses. Ora went to law and medical school before pivoting into the world of startups. With Bryan’s expertise and first-hand experience dealing with advanced cyberattacks, he saw many opportunities for a more automated security approach, and Oneleet was born. The company is based out of Amsterdam, Netherlands, but has chosen to scale its team remotely, currently at ~23.

Product Overview

Oneleet’s end-to-end security platform helps companies with a range of different security and compliance issues all under one roof, including features such as:

Compliance platform: Help companies build out a plan and streamline the process of regulatory compliance for certificates such as SOC 2, ISO 27001, GDPR, and other compliance frameworks, helping avoid penalties and build trust and credibility amongst customers.

Penetration testing: Comprehensive penetration testing with top OSCE-certified or OSCW-certified testers to further streamline compliance efforts in a single place.

Code Security Scanner: Automatically scans codebase for vulnerabilities and flaws to ensure security from the ground up.

Attack Surface Discovery: Uncovers hidden risk by mapping out all potential entry points and vulnerabilities in your digital infrastructure to proactively see/fix potential vulnerabilities.

MDM: Manage and secure all computers and mobile devices used throughout the company.

3rd Party Auditors: Oneleet works with trusted independent 3rd parties to verify security and compliance controls.

Trust Center: Centralized location to easily showcase security posture and compliance efforts to customers and other stakeholders.

Virtual CISO + security programs: Get on-demand expert advice on security and compliance, as well as security programs to help protect your business.

Employee Portal: A centralized destination for employees to access the company’s security resources, training documents, and additional support.

Total Addressable Market

The market opportunity for Oneleet is astronomical. According to research from Grand View Research, the total addressable market for Enterprise Governance, Risk, and Compliance in 2023 was estimated to be worth a staggering $54.61B and is forecasted to grow at a healthy 13.8% CAGR through 2030, exploding Oneleet’s potential market opportunity to north of $134B.

Business Model & The Numbers

Oneleet has a subscription-based business model with pricing on a per-quote basis based on features, company size, etc. The company’s early growth has been remarkable, growing from 0 to $7M ARR in just 20 months. The company added 520k in new ARR in August alone. According to Oneleet Head of Growth Koby Conrad, the company is also already profitable, which is a rare combination, especially at this stage.

Traction

The company was a part of the YCombinator Summer 2022 batch, which comes with strong network effects, helping more companies in the YC S22 batch than any of their larger competitors. Oneleet currently secures an impressive list of high-growth startups, including Posthog, Resend, Fathom AI, Tella TV, Loops, Tranch, and Replicate.

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Competitors

The market landscape in the Security and Compliance vertical is highly competitive, with companies such as Vanta and Drata leading the charge. Vanta is the first mover in the category, founded in 2018. It has already hit an incredible 100M in ARR and serves over 7,000 customers. The other big player in the space is Drata; while revenue hasn’t been disclosed, it serves over 4000 customers and is also growing rapidly. Vanta is genrally known to be faster and easier to use, and Drata is known for having more customization and a larger range of frameworks and controls, but overall, their platforms are quite similar. Oneleet has differentiated itself from existing players by reimagining the vertical from the ground up. Despite starting years behind larger players like Vanta and Drata, Onleet was still the first to release many unique features, including a built-in code scanner, attack-surface monitoring, and vulnerability scanner, to name a few.

Funding

Oneleet has only raised a single round of funding. The company raised a $2 million dollar seed round in the summer of 2022, with firms such as YCombinator, the Silicon Valley Syndicate Club, FPV Ventures, Metaplanet, Fundament and Network VC among participants in the round. Oneleet is also extremely capital efficient, having “barely touched” their seed funding, according to CEO Bryan Onel.