Ukrainian Syndicate TOLOKA Invests $1 Million in Bright Security

Ukrainian venture syndicate TOLOKA has announced a $1 million investment in Bright Security, a company operating in the application security (AppSec) sector. The investment was made as part of an expanded Series A round.

The deal was executed via a SAFE agreement with a discounted valuation for the next funding round, giving the syndicate the potential for a high return in the event of a significant exit.

TOLOKA explained that its decision to invest was based on Bright Security’s exceptional ARR and gross margin performance, as well as a clear exit strategy supported by interest from strategic market players.

“The company is already attracting attention from key strategic players such as Palo Alto Networks, Microsoft, Wiz, and Snyk. Successful cybersecurity deals show ARR multiples ranging from 45x to 70x — for example, Bionic.io, Axis Security, and Dazz Security,” TOLOKA highlighted.

About Bright Security

Bright Security has developed STAR, an AI-driven platform that automatically detects, resolves, and protects enterprise applications against vulnerabilities.

Key performance indicators include:

• >98% time savings — reducing testing and fixing cycles from months to a single day.
• 94% gross margin — an outstanding metric for a SaaS business.
• 70+ enterprise clients.
• Rapid scaling — 80% of revenue comes from North America, with sales growing through distributors like GuidePoint and Optiv.

The company operates in the Dynamic Application Security Testing (DAST) market, which is projected to grow from $1.8 billion to over $6 billion by 2028.

About TOLOKA.vc

TOLOKA.vc is a Ukrainian venture syndicate founded in 2023 by Taras Kyrychenko, Igor Shoifot, and Oleksandr Kolb. The syndicate focuses on companies with global scaling potential and aims for IPOs or strategic acquisitions.

In its first year, TOLOKA attracted over 1,000 investors and deployed more than $18 million into fast-growing startups.
The syndicate’s latest public deal was a $1.7 million investment in Portoro in 2025. Overall, TOLOKA has invested over $12 million in a year. More details on how the syndicate operates can be found in an interview with Scroll.Media.