Hack The Box raised £45m in Series B funding

Hack The Box raised £45m in Series B funding

InvestmentCybersecurity

Hack The Box, the world’s largest hacking community, has raised £45 million ($55 million) in Series B funding from the Carlyle Group.

Founded in 2017 and headquartered in Kent, the international cyber security training firm has 1.7 million members and has grown by 200 per cent in the past year.

The £45m Series B investment round was led by Carlyle, alongside Paladin Capital Group, Osage University Partners, Marathon Venture Capital, Brighteye Ventures and Endeavor Catalyst Fund.

The new investment will accelerate Hack The Box’s growth ambitions with a focus on further developing the category-defining offering of “gamer-first” solutions.

The business will also strengthen its go-to-market function, and double down on the company’s ongoing international expansion with strong commercial traction in the US, Europe and APAC.

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Haris Pylarinos, founder and CEO of Hack The Box, said: “Our mission is to create and connect cyber-savvy people 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 fit for purpose in the face of an ever-increasing and ever-evolving wave of sophisticated attacks.

“A new proactive offensive and 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 we cultivate through Hack The Box.”

Hack The Box has continued to attract investor interest due to its highly engaging cyber-resilient upgrade and reskilling solutions powered by ultra-realistic code gameplay, effectively advancing the security readiness of Hack The Box’s growing number of blue-chip enterprise and government clients.

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After the investment, Hack The Box will continue to invest heavily in R&D.

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Hack The Box offers a 360° platform that not only enables individuals, businesses, public institutions and universities to increase their offensive and defensive security skills, but also provides access to job opportunities in cyber security, thereby addressing the industry’s severe talent shortage.

Constantin Boye, a director at Carlyle, said: “The demands on security and IT professionals have never been greater. Industry-wide talent shortages and an exponentially increasing number of cyber threats place a high emphasis on professionals and organizations maintaining 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 challenges. We’re excited for the next phase of Hack The Box’s development and are proud to be a part of this journey.”

The latest Series B funding takes Hack The Box’s total capital raising to date to £57 million ($70 million), strengthening the company’s position within the global cyber security ecosystem.

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