Finland-based gamified cybersecurity platform HoxHunt has closed a Series A round on €2.5m.
The investment was led by London-based B2B venture capital firm Dawn Capital, with participation also coming from previous backers Icebreaker and F-Secure founder Risto Siilasmaa.
Founded in 2016, HoxHunt aims to educate and transform employees into a human defence layer to cyberattacks and phishing attempts. The company gamifies the cybersecurity processes in order to keep employers engaged and informed around security risks.
HoxHunt automatically sends around 35 fake attacks to each employee over a year, helping them to understand the best way to tackle situations. There is a leaderboard for employees to see who was able to report the most number of cyberattacks – employees are unable to tell if an attack is real or sent by HoxHunt.
The company’s services are used across 75 countries and by enterprises including nets, fortum, Kone, Veikkaus, ALSO and Aditro, among others.
Through the new investment the company will look to accelerate its growth plans. Capital has been earmarked for scaling operations, expanding its product suite, and increase the number of enterprises it protects around the world.
Dawn Capital principal Joyce Liu said, “There is no one silver bullet for cybersecurity protection. Our experience with Mimecast has reinforced the importance of layering defense to prevent, detect, and respond in a complex and fast changing digital environment.
“Most Enterprises today regard their employees as their most vulnerable layer. HoxHunt mobilizes an army of ‘eyes and ears’ to be the organization’s most powerful ally. We are excited to partner with HoxHunt to capture more value and scale its success to the next level.”
Earlier in the year, Dawn Capital led the $20m investment round of Quantexa, a startup utilising big data analytics to tackle financial crime.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
