Finnish cybersecurity startup Hoxhunt raises $40M in Series B from Level Equity

The Espoo-based cybersecurity training platform Hoxhunt has raised a $40 million Series B round. Level Equity Management led the round, and the existing investor Icebreaker.vc also participated, Tech.EU reports.

• Founded in 2016 by Mika Aalto and Pyry Åvist, Hoxhunt protects organizations and their employees from the risk of cyberattacks. Adapting to each employee’s skill level, the gamified platform empowers individuals with the tools and confidence to recognize and respond to attacks.

“Email is the biggest threat to enterprise security. That’s why human nature is the most important cybersecurity challenge to solve, instead of building incrementally better mousetraps at the technical perimeter,”

Hoxhunt CEO Mika Aalto says about the startup.

• The Series B round was led by Level Equity Management. It is a New York-based growth equity firm that focuses on providing capital to software and internet companies.
• Icebreaker.vc participated in the round. It is a Helsinki-based early-stage venture capital backing idea-stage tech startups.
• In October 2018, Hoxhunt closed its Series A funding at $2.7 million. Icebreaker.vc, First Fellow Partners, and Dawn Capital joined in the round. In total, the startup has raised $43 million of funding.
• The fresh funds will drive Hoxhunt’s growth in new markets, particularly North America.