SoSafe bags $73 million in a Series B funding round

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CYBERSECURITY | iTMunch

A Germany-based cybersecurity awareness company, SoSafe announced that it has received $73 million in its latest funding round. The Series B round comes as the company talks about its goal of doubling its team to 500 in 2022. SoSafe said that it plans of using the freshly raised capital for accelerating its presence in markets across the globe and scaling the development of its human-centric, behavioural science-based cybersecurity solution & platform. 

The Series B funding round for the company was led by Highland Europe and included participation from Carsten Thoma (founder of SAP Hybris and an advisory board member of Celonis) and Christian Henschel (Co-founder and CEO Adjust). Existing investors include Global Founders Capital and Acton Capital.

SoSafe executives on raising $73 million

SoSafe Managing Director and co-founder Dr. Niklas Hellemann says challenging the existing paradigms in cybersecurity awareness and human risk management, SoSafe has seen tremendous adoption of its platform along with extraordinary growth. The company will now increase focus on increasing international footprint further and advancing its position as the pioneering second-generation security awareness and human risk platform, deeply rooted in behavioural science.

partner at Highland Europe, Gajan Rajanathan commented that the founders of SoSafe gave built a reliable, trusted cyber security testing and awareness platform which is backed by human risk scoring and behavioural analytics that protects the most important threat surfaces in cybersecurity – human security breaches.

In the past, Highland Europe (one of the lead investors) has backed security initiatives, including Cobalt, Malwarebytes, and ActiveFence.

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SoSafe – a German cybersecurity awareness platform

SoSafe is an efficient and intuitive cybersecurity awareness platform that offers easily-understandable training in the area of data protection and cyber security. The company has 3 Managing Directors – Dr Niklas Hellemann, Felix Schürholz, and Lukas Schaefer.

It specializes in cybersecurity and employee training and supplies a cutting-edge end-user solution with embedded gamification across the platform. It also enables the administrator to use an increased amount of customization equipping them to monitor human-based security risk.

SoSafe’s competitors are platforms like Cofense (which has raised about $58 million to date) and Knowbe4 (went public last year). SoSafe says it works on a user-centred approach to offer cybersecurity training and uses insights from behavioural science to nudge users in the right and safer, direction, using gamified methods for teaching end-users what to look out for in times of a cyber attack. Today, it now has over 1,500 customers, which includes Ceconomy AG, Aldi, Taylor Wessing, Valtech, and Vattenfall.

The company offers various packages for remote work and self-service. They also provide phishing and vishing demos. It has collaborated with partners including Bitkom, Cube5, Fraunhofer, TeleTrust, and Dekra.

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