Yay! Our portfolio company, HoxHunt closes €2.5M round!
Icebreaker.vc invested in HoxHunt at the seed-stage in early 2017.
We also took part in the new €2.5M round led by London-based Dawn Capital, one of the most successful VCs in Europe. Dawn Capital invested early in and successfully exited Mimecast (NASDAQ: MIME), a cybersecurity company founded in 2003 that is currently valued at $2 billion. Other portfolio companies include iZettle (recently sold to PayPal for $2.2 billion), Collibra, Gelato, Showpad, Templafy, Automile, and Bitmovin. Risto Siilasmaa, Chairman of Nokia and Founder of F-Secure, and an existing investor in HoxHunt also participated the new investment round.
It has been a pleasure and a privilege to support the superior team of HoxHunt reaching their first milestones of becoming a strong tech company. It's quite rare to see such strong signs of a product/market (e.g. clients craving a solution for a big pain and recommending the product to each other) which is always needed in order to raise funding from international investors. Congrats to the entire team, well done! ✌️
The funding news got the attention of the media:
The whole story below:
HoxHunt announces €2.5 million Series A round led by Dawn Capital
HoxHunt, a leading Finland based company providing the gamified SaaS solution to creating a human shield against enterprise cyber security attacks, announced today it raised €2.5 million in its Series A round. London-based Dawn Capital, Europe’s largest B2B venture capital fund, led the round with participation from existing investors Icebreaker.vc and Risto Siilasmaa, Chairman of Nokia and Founder of F-Secure.
The funding will be used to accelerate HoxHunt’s growth including scaling operations, expanding its service offering, and ultimately protecting more enterprises worldwide against social engineering attacks.
By making security enjoyable, HoxHunt users proactively detect and respond to firewall breaches in real-time. Through continuous training and prevention, employees have reduced the time that malicious attackers spend on IT infrastructure from 200 days down to 28 seconds.
HoxHunt is trusted by Fortune 500 companies like IKEA and Kone across 75 countries to ensure security awareness and affinity for digital defense is top of mind for all employees.
“By making security fun and engaging, employees become the force that defeats cyberattacks. Our ‘Employees First’ approach to threat-hunting results in rapid response and remediation. HoxHunt integrates seamlessly into an employee’s work environment and gets them excited to compete with their peers. CISOs use HoxHunt to unlock valuable resources previously spent managing platforms that fail to change human behaviour,” says Mika Aalto, CEO and Co-Founder. “Our partnership with Dawn Capital will provide significant expertise for penetrating the European market before we scale internationally to better serve our current and future customers.”
“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,” said Joyce Liu, Principal at Dawn Capital. “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.”
HoxHunt, a Finland based cybersecurity company, was founded in 2016 with the mission to turn employees from an organization’s weakest link into their greatest asset. Technical measures alone are not sufficient to protect against cyber-attacks as 9 out of 10 security breaches today initiate from a simple human mistake. HoxHunt’s solution transforms employees from passive, high probability attack targets into an active and engaged human defense layer. The solution engages users with individualized training in competition with their peers and rewards real-time reporting and protection against cyberattacks. By employees staying alert at critical moments, HoxHunt is positively impacting cybersecurity culture in companies worldwide.
About Dawn Capital:
Dawn Capital is a leading early stage VC firm run by entrepreneurs that invests in B2B scale ups across Europe. It supports Enterprise Software and FinTech companies founded by exceptional teams that develop world-leading technology to improve business value chains and productivity. Dawn Capital works closely with startups that seek operational support and capital as they expand internationally. Dawn Capital invested early in and successfully exited Mimecast (NASDAQ: MIME), a cybersecurity company founded in 2003 that is currently valued at $2 billion. Other portfolio companies include iZettle (recently sold to PayPal for $2.2 billion), Collibra, Gelato, Showpad, Templafy, Automile, and Bitmovin.
Mika Aalto | +45 31 26 75 14 | firstname.lastname@example.org