Hack The Box Secures $10.6 Million Series A Funding

Hack The Box, a cybersecurity training company originating in Greece, has successfully closed a $10.6 million Series A funding round. The investment was spearheaded by Paladin Capital Group, with participation from Osage University Partners, Brighteye Ventures, and existing investor Marathon Venture Capital.

The newly acquired capital will be strategically allocated towards the company’s expansion initiatives. Recently, Hack The Box introduced its Hack The Box Academy, further broadening its educational offerings.

Focus on Ethical Hacking and Gamified Learning

Founded in 2017, Hack The Box distinguishes itself by employing “ethical hacking” methodologies to deliver cybersecurity training. The platform presents users with challenges designed to simulate real-world scenarios.

These challenges involve attempting to compromise virtual, intentionally vulnerable labs within a gamified testing environment. This innovative approach has attracted a substantial user base, exceeding 500,000 members, ranging from novices to seasoned cybersecurity professionals.

Furthermore, approximately 800 organizations, including governmental bodies, Fortune 500 corporations, and academic institutions, leverage the platform to enhance their cyber-adversarial capabilities.

Statements from Leadership

Haris Pylarinos, co-founder and CEO of Hack The Box, stated: “Our core mission is to foster a more secure internet by equipping both individuals and organizations with the skills to build resilient systems.”

Gibb Witham, Senior Vice President at Paladin Capital Group, added: “We are pleased to support Hack The Box as they experience significant growth. Organizations are increasingly recognizing the critical need for adversarial security practices to defend against the ever-changing landscape of cyber threats.”

Competitive Landscape

Hack The Box operates within a competitive market, facing rivals such as Offensive Security, Immersive Labs, INE, and eLearnSecurity (which was acquired by INE).

SaaS Business Model and Market Approach

The company utilizes a Software-as-a-Service (SaaS) business model. In the Business-to-Consumer (B2C) sector, Hack The Box offers monthly and annual subscriptions granting unrestricted access to its training materials.

For the Business-to-Business (B2B) market, it provides bi-annual and annual licenses. These licenses unlock access to dedicated adversarial training environments, coupled with enhanced administrative features.