Huntress, the prominent managed security platform catering to small and mid-sized businesses (SMBs), has recently concluded a successful Series C funding round, securing $60 million. The investment was led by Sapphire Ventures, with participation from existing investors Forgepoint Capital and JMI Equity, bringing the total equity funding for Huntress to $118 million. This latest funding round aims to support the expansion of Huntress' suite of solutions, designed to safeguard SMBs from cyber attacks.
With the continually evolving threat landscape and the adoption of new tactics and technologies by malicious actors, SMBs often find themselves vulnerable to cyber threats. Research reveals that around 61 percent of mid-sized organizations lack in-house cybersecurity expertise, and nearly half do not possess effective incident response plans. Combined with budget limitations and resource constraints, these businesses struggle to analyze and mitigate cyber threats, hampering their ability to make informed business decisions. In light of these challenges, Huntress' Managed Security Platform, which employs a blend of automation and human ThreatOps experts, becomes instrumental in monitoring attack surfaces, detecting vulnerabilities and exploits, and protecting infrastructure from ransomware and persistent footholds. Huntress aims to provide affordable cybersecurity solutions, empowering SMBs to take control of their security.
Kyle Hanslovan, CEO and Co-Founder of Huntress, expressed the company's mission to ensure that businesses of all sizes have access to cutting-edge solutions for cybersecurity. Hanslovan acknowledged the shared passion of the investors, Sapphire Ventures, Forgepoint, and JMI, in protecting SMBs and expressed confidence in making a real difference with their support.
Casber Wang, Partner at Sapphire Ventures, highlighted the critical need for cybersecurity solutions tailored to SMBs and recognized Huntress as a purpose-built platform that fills the gaps in security talent and technology. Wang commended Huntress' ability to provide customers with peace of mind and expressed excitement about partnering with the company to protect SMBs, which serve as the backbone of the global economy.
The newly secured funding will enable Huntress to enhance its Managed Security Platform and expand its market presence. By meeting the evolving needs of managed service providers (MSPs) and managed security service providers (MSSPs), who deliver security services to SMBs lacking in-house threat detection and response capabilities, Huntress aims to deliver comprehensive protection to SMBs.
Over the past two years, Huntress has demonstrated exceptional performance, with annual revenue doubling in 2021 and 2022. The company has experienced substantial growth in partners, customers, and protected endpoints. Notable achievements include launching a managed detection and response solution for Microsoft 365, acquiring EDR technology from Level Effect and security training awareness platform Curricula, and expanding its workforce by nearly 110 percent. Furthermore, Huntress has proven its value by providing critical threat intelligence during emerging cyber events, such as the Kaseya ransomware attack and the recent 3CX VoIP software supply chain attack.