Finnish cybersecurity training platform Hoxhunt announcement On Tuesday, it raised $40 million in funding to expand into North American markets and grow its gamified tech development.
The funding announcement highlights a new push some investors are making in a relatively old type of defense: teaching employees to be more aware of cyber risks. Hoxhunt’s approach gives all employees basic security training rather than just marketing security teams, and focuses on rewarding success rather than punishing failure. Its customers include DocuSign, Nokia and G2.
According to the Agency for Cybersecurity and Infrastructure Security (CISA), cases of phishing campaigns and work email compromise programs – two vectors that cybersecurity experts say can be thwarted by better employee training – have increased in recent years, leading to ransomware attacks at a record high.
“There is enormous growth potential in the cybersecurity awareness category, which we at Level Equity Partners are excited to invest again with Hoxhunt, which we consider best-in-class for innovation. , product design and leadership,” said Sarah. Sommer, co-founder and partner of Level Equity Management, which participated in the fundraising.
Hoxhunt isn’t the only cybersecurity company to raise significant amounts of money recently. Financial consulting firm Momentum Cyber found that cybersecurity startups more than doubled the $12.4 billion raised in 2020, with a new all-time high of $29.3 billion raised in 2021.