Global private equity giant KKR has helped cybersecurity training and simulation business KnowBe4 to a $1bn valuation by leading the company’s latest investment round.
Existing backers Elephant and TenEleven Ventures also took part in the $300m round.
KnowBe4 said that despite phishing being a long-existing cyber attack method, more than 90 per cent of advanced and targeted attacks last year involved phishing, preying on the human element in an organisation.
The company says it aims to help businesses reduce their risk and support their investments in traditional IT security by creating an “educated human firewall”.
KnowBe4 has more than $100m of recurring revenue, near triple-digit growth, and a customer base of over 25,000 organisations across industries including highly regulated fields such as finance, healthcare, energy, government and insurance.
KKR director Stephen Shanley said, “2019 is on track to be another record year for KnowBe4, which is experiencing accelerating growth at significant scale.
“We see KnowBe4 as a category-defining asset driving a significant impact within a critical vertical of cyber security and are very excited to extend our support in this new round of financing.”
KKR principal Patrick Devine added, “Cyber threats are not going to be solved with technology alone – the human side of the equation matters and KnowBe4 is making important contributions in this area.
“We’re very excited to watch the company continue to scale globally and meet market demand for security awareness training and testing that actually works.”
KKR said it was making its investment through its Next Generation Technology Fund, which it closed on more than $700m in 2016.
The vehicle focuses on investments in software, security, Internet, digital media, and information services.
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