As we have learned over the years, it is often difficult for companies to avoid cyber security breaches due to ‘human error’. Surveys show that about 85% of attacks can be traced to the human factor. Thus startups created to bridge this gap – such as the UK’s CybSafe which raised $7-9m last year – are on the rise. Addressing human behavior is clearly one of the hottest new areas for cyber.
This space is the latest to rise so safe, Cologne-based cybersecurity awareness and testing platform has now raised a $73 million Series B funding round led by growth-capital fund Highland Europe.
Existing investors Acton Capital and Global Founders Capital were joined by SAP Hybris founder and Celonis advisory board member Carsten Thoma as La Famiglia as well as Adjust founder Christian Hensel as participants.
SoSafe competes with platforms such as Knowbe4 (which went public in 2021) and Coffence, which have raised $58M to date.
SoSafe says it takes a user-centered approach to cybersecurity, using insights from behavioral science to steer users in the right, and safe, direction to teach end users what to look for in a cyberattack. Is.
It now has over 1,500 customers including Aldi, Ceconomy AG, Taylor Wessing, Vattenfall and Valtech.
Dr. Niklas Hellmann, Co-Founder and Managing Director of SoSafe, said: “Challenging existing paradigms in security awareness and human risk management, we have seen tremendous adoption of our platform and exceptional growth.”
Lead investor Highland Europe has previously backed security companies such as Malwarebytes, Cobalt and ActiveFence.
Gajan Rajanathan, Partner, Highland Europe, said: “SoSafe’s founders have built a reliable cybersecurity awareness and testing platform, underpinned by behavioral analysis and human risk scoring that permanently surfaces the most critical threats in cybersecurity. Protects – Human Security Breach. They have rapidly emerged as one of the leading software scale-ups, experiencing incredible speeds in a short amount of time.”