Cybersecurity Company CybSafe Closes $28 Million In Funding

By Noah Long ● Jun 14, 2022
  • CybSafe recently announced it closed $28 million in Series B funding. These are the details.

CybSafe – a cybersecurity software company using behavioral science and data science to transform security awareness and human cyber risk management – announced it has closed a $28 million Series B funding round, taking the total funding to $40 million.

The funding round was led by Evolution Equity Partners, with participation from Emerald Development Managers and existing investors IQ Capital and Hannover Digital Investments (HDI) GmbH.

This investment is a result of CybSafe’s continued innovation and pioneering approach to managing human cybersecurity risk. And since its Series A, CybSafe has experienced significant customer growth, adding key enterprise accounts to its impressive roster of customers, which now includes Credit Suisse, Barclays Bank, HSBC, FNZ Group and Moody’s. And CybSafe has also been on a mission to bolster its team. The company’s new Chief Marketing Officer, Munyaradzi Hoto, recently joined the team to drive growth and international expansion.

CybSafe plans to use the Series B investment to further its mission to support its customers in changing human behavior and lowering cybersecurity risk with behavioral and data science, ultimately preventing security incidents. And to accelerate its product development, it will expand its team, across all roles including cybersecurity specialists, behavioral scientists, data scientists, and software engineers. It will also focus on go-to-market activities expanding into new geographies, including the US market.

KEY QUOTES:

“Cybersecurity has always been a challenge. Keeping pace today is more complex than before. And not keeping pace has more severe consequences. This has not gone unnoticed. Cybersecurity is a top priority across many management boards, with businesses spending more time and money. Recent research from CybSafe and the National Cyber Security Alliance found that 1 in 3 people have been victims of a cyber breach. Furthermore, 1 in 5 have been victims more than once. For too long, cybersecurity training has forgotten people, lacked any scientific basis, and provided no data to evidence its effectiveness. We are here to revolutionize this by helping businesses reduce risk by positively influencing behaviors in a way that can be measured.”

— Oz Alashe MBE, former UK Special Forces Lieutenant Colonel and the CEO and founder of CybSafe

“We invest in founders with disruptive cybersecurity offerings that are reimagining how businesses approach the increasing depth and breadth of cyber threats. CybSafe’s disruptive approach tackles a complex problem with a simple solution. They design their products with the user in mind, ensuring they are tackling the cause rather than simply treating the symptoms of cyber risk. CybSafe goes far beyond traditional compliance-driven approaches to security awareness, and instead focuses on delivering a genuine reduction in human cyber risk.”

— Karthik Subramanian, Partner at Evolution Equity Partners

“We chose CybSafe because we believe it provides us a way to approach the human side of cyber risk beyond traditional, compliance-based, mandatory information security training. Amongst other things we wanted great insight and visibility into user attitudes and security behaviors and we appreciate CybSafe’s use of data and a scientific framework to deliver effective support to our colleagues. This new investment round is fantastic news, and I look forward to seeing how CybSafe further develops the platform.”

— Simon Legg, Chief Information Security Officer at Hastings Direct