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LORCA member Hack The Box has closed a $10.6m Series A round //13.04.21

LORCA member Hack the Box has created one of the world’s largest ethical hacker communities to help individuals, companies and universities access useful cyber skills and defend themselves from real-world threats. And to fuel its growth, the company has secured $10.6m in investment in a round led by Paladin Capital Group with backing from Osage University Partners, Brighteye Ventures and existing investor Marathon Venture Capital.

This means that LORCA members have now raised over £177 in investment since joining our accelerator.

Hack the Box will use the funds to introduce more product features expand in the US. James Hooker, Hack The Box’s co-founder and chief technical officer, said it plans to quadruple its investment in research and development. “Our engineering team is committed to delivering the industry’s most advanced and consolidated platform, uniting the entire product portfolio of Hack The Box,”  he said.

Founded in 2017, Hack The Box joined LORCA’s third cyber accelerator in 2019. It has created a growing hacker community with over 500,000 platform members who come from a range of backgrounds. Players are challenged to learn by simulating an attack on virtual labs. This helps them build their security skills in a simulated, gamified and safe test environment. 

The startup has delivered over 19 million hours of play time and increased its Annual Recurring Revenue by 1,000% over the past two years. Over 800 organisations (including governments and Fortune 500 companies) and 550 academic institutions have used Hack the Box’s platform – so it’s no surprise it has won the backing of investors.

Aris Zikopoulos, Hack The Box’s co-founder and chief commercial officer, explained what makes the startup’s solution work: “From day one, our vision has been to build a platform that turns IT professionals into cyber superheroes that know how to react when in front of any attack or vulnerability. The true hacking mindset is built with persistence and continuous self-improvement, not overnight.” 

Meanwhile Gibb Witham, senior vice president at Paladin Capital Group, explained why the firm has backed Hack the Box: “We’re excited to be backing Hack The Box at this inflection point in their growth as organizations recognize the increasing importance of an adversarial security practice to combat constantly evolving cyber attacks. Recent headlines show that attackers will go to any length to advance their capabilities. Hack The Box keeps enterprises and government customers up-to-date on the latest adversary methods and tradecraft so that attackers are the only ones caught unprepared.”