SECURITY
SECURITY
SECURITY
Managed security startup Huntress raises $60M to support underserved small and midsized firms
Managed cybersecurity platform startup Huntress Labs Inc. today announced that it has raised $60 million in new funding to help underserved small to medium-sized businesses with their cybersecurity needs.
Founded in 2015, Huntress offers a cybersecurity platform that uses automated detection and human-powered threat hunting to find and stop hidden threats, including those that bypass traditional security tools. The Huntress Managed Security Platform includes protection against persistent footholds and promises to eliminate attackers in plain sight.
From its founding, Huntress has focused on SMBs, particularly midsized organizations that lack in-house cybersecurity expertise and those that don’t have effective incident response plans. Kyle Hanslovan, co-founder and chief executive of Huntress, noted that there are 32 million SMBs in the U.S. alone.
Huntress argues that with budget and resource constraints, the majority of these businesses are ill-equipped to mitigate and analyze cyberthreats. At the same time, threat actors are constantly innovating, creating the need for effective, affordable cybersecurity solutions.
The funding will be used to enhance Huntress’ Managed Security Platform and the company’s market expansion to meet the evolving needs of its growing base of partners – managed service providers and managed security service providers who deliver security services to SMBs.
The company has seen strong growth, doubling annual revenue two years in a row. Huntress has also seen its customer base and partners grow from 1,500 partners and 25,000 customers two years ago to more than 4,000 partners and more than 100,000 customers today.
Sapphire Ventures Management LLC led the Series C round, with existing investors Forgepoint Capital Capital Management and JMI Equity Management L.P. also participating. Sapphire Ventures Partner Casber Wang will join the Huntress board of directors as part of the deal.
Including the new round, Huntress has raised about $160 million to date, according to data from Crunchbase. The figure includes $40 million in debt financing raised by the company in September.
Image: Huntress Labs
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