Finnish cybersecurity training platform Hoxhunt announced it raised USD 40 million in its Series B round led by New York-based Level Equity Management.
The new funding will aid the development of Hoxhunt’s leading-edge technology and accelerate growth in new markets, particularly North America.
Adapting to each employee’s skill level, the gamified platform empowers individuals with the tools and confidence to recognize and respond to attacks.
Founded in Helsinki in 2016, Hoxhunt has expanded from four co-founders to 120 and raised USD 43 million in total funding to date with its USD 3M Series A and USD 40M Series B.
The platform currently hosts over a million end users, who receive up to 36 phishing simulations a year in 30 supported languages. Over 10 million threats have been analyzed.
Cybercrime represents an ever-worsening pandemic costing global businesses trillions of dollars per year and email is the main vector of transmission as 90% of all breaches.
Cybersecurity spending is projected to grow from USD 262.4 billion in 2022 to USD 458.9 billion in 2025. Also, cybercrime costs are projected to swell to USD 10.5 trillion annually by 2025.