October 16, 2018
HoxHunt have announced the completion of a €2.5M ($2.9M) investment round! The backing was led by UK-based venture firm Dawn Capital, and included us at Icebreaker.vc as existing investors, as well as Chairman, Founder and former CEO of F-Secure Corporation, Risto Siilasmaa.
The funding will be used to accelerate HoxHunt's growth including scaling operations, expanding its service offering, and ultimately protecting more enterprises worldwide against social engineering attacks.
HoxHunt, founded in 2016 by CTO Pyry Åvist and CEO Mika Aalto, developed a software platform for employees training and engagement in order to make them aware of possible cyberattacks. The platform gives access to simulations of phishing, social engineering, and other attacks and rewards users for reporting them.
HoxHunt works on training their users to recognize and block attacks like information leaks and ransomware. The training is innovative and interactive, as users are engaged through the simulation and gamification of different kinds of virtual attacks. The user then has to recognize and report the attacks, and are eventually awarded for their recognition.
Before HoxHunt, organizations average risk to phishing attacks was at a whopping 40 percent, with only a five percent reporting rate on real attacks. After an organization uses HoxHunt, the average risk dropped drastically to only two percent, and reporting rates have climbed to 70 percent.
HoxHunt expects sales of EUR 1.5M ($1.7M) for 2018 and intends to open a sales office in the UK. The company works with customers from Finland, Holland and Sweden.