Kent cyber training firm Hack the Box secures $55m Series B funding

Hack the Box, a Folkestone-based technology firm taking a gamified approach to cybersecurity training, has secured $55 million in its recent Series B investment round.

The investment round was led by Carlyle and supported by Paladin Capital Group, Osage University Partners, Marathon Venture Capital, Brighteye Ventures, and Endeavor Catalyst Fund. It takes the total capital raised by the firm to date to $70 million.

Funding raised will be used to accelerate the firm’s growth, with specific focus on what it calls its “gamer-first” solutions offering, along with its ongoing international expansion across the US, Europe and APAC.

Hack the Box was recently placed third in the Startups 100 Index for its realistic coding approach to cybersecurity training and has seen its platform used by the likes of EA Sports, Toyota and Siemens.

The platform, which also provides access to job opportunities in cybersecurity in an effort to fill the industry’s ongoing skill shortage, currently has a global hacking community of 1.7 million users.

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Haris Pylarinos, Founder and CEO at Hack The Box, said: “Our mission is to create and connect cyber-ready humans and organizations through highly engaging hacking experiences that cultivate out-of-the-box thinking.

“The game in cyber has changed with defensive, reactive and recovery postures not being fit-for-purpose in the face of an ever-increasing and ever-evolving wave of sophisticated attacks.

“A new proactive offensive & defensive approach is needed to take the fight to cybercriminals rather than waiting to be hit. From individual security professionals to companies, this means adopting a ‘hacker mindset’, learning to think and act like an attacker. This is the kind of mindset that we cultivate through Hack The Box”.

Constantin Boye, a Director at Carlyle, said: “The demands on security and IT professionals have never been greater. An industry-wide talent shortage and an exponentially growing number of cyber threats place great importance on professionals and organizations to maintain best-in-class security practices.

“Hack The Box is a pioneer in constantly providing fresh and curated training and upskilling content, in a fully gamified and intuitive environment, enabling individuals and organizations to tackle real-world hacking problems. We are excited for the next stage of Hack The Box’s evolution and are proud to be part of this journey.”

Gibb Witham, Senior Vice President at Paladin Capital Group, said: “With a vibrant community of 1.7 million registered security professionals and enthusiasts, Hack The Box is setting the bar for a new generation of product-led growth companies in the cybersecurity industry.

“We are thrilled to see Hack The Box becoming a vital partner for enterprises and governments in crafting security teams prepared for cyber attacks."

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