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Detectify secures €21,5 million in Series B round to bring world-class cyber security to everyone

November 26, 2019

Stockholm, Sweden. November 26, 2019 – Detectify, today announces a successful Series B round of €21,5 million led by venture capital firm Balderton Capital, and supported by existing investors Paua Ventures, Inventure and Insight Partners. The new funding will be used to continue to hire world-class talent to further accelerate the company’s growth and deliver on Detectify’s promise of a safer internet for all.

Detectify secures 21.5 million EUR with Balderton
Co-founders from left to right: Rickard Carlsson, Johan Edholm, David Hallenius and Fredrik Nordberg Almroth

Detectify was founded by a group of elite Swedish ethical hackers who set out to give every company the same level of security as the world’s largest software companies and Government security services. Detectify does this through Detectify Crowdsource, an invite-only ethical hacker network. This network allows top-ranked security researchers to submit vulnerabilities being exploited in the wild, which are then built into the Detectify automation platform, combining the best of human ingenuity with machine learning to provide security. 

Rapid growth since the Series A round

In the last year, Detectify Crowdsource has been a focus of the company’s development and experienced rapid growth, with the community modules having already found 110,000+ vulnerabilities in Detectify’s customers’ assets in the last eighteen months. The ethical hackers are paid every time their submitted module identifies a vulnerability on a customer’s web apps. As each reported vulnerability could help Detectify secure hundreds of web apps through automation, Crowdsource hackers have a much broader impact than in traditional red-teaming or bug bounty programmes. Yet they don’t replace each other, rather they can go hand-in-hand for a comprehensive security toolbox.

Growing diversity and outside of Sweden

Detectify has added a Boston office and expanded its client base in the US, counting popular software companies such as Trello, Spotify and KING as customers. Detectify is particularly focused on building a team with world-class talent, and diversity has been key from the start:

  • 45% of the company’s employees are female, including 50% of the C-level,
  • 30 nationalities between their Stockholm and Boston offices
  • Strength also comes from a diversity of industry experience, not just security, and you can learn more about them here, Behind the Scenes. 

Grassroots are still in the company and culture

Some of Detectify’s co-founders are still active as ethical hackers, and participate in private bug bounty programs and still finding security bugs in the most secure organizations you can imagine. They are driven by their vision for a safer internet: that more web apps can be secured at a large scale by collaborating with ethical hackers and automating their knowledge to power the platform. 

Rickard Carlsson, Detectify’s CEO and Co-founder:

“We are delighted to add Balderton Capital to the group of supporters for our mission. The first conversation with them took place five years ago, so we are thrilled to be partnering with them.   The Balderton team is a great match for us as they see an ethical core as a critical element of every great global company.”

James Wise, Partner, Balderton Capital:

“Detectify brings together the power of human ingenuity, the immense scalability of software, and a strong culture of transparency and integrity to provide world-class security to everyone. This is a fundamentally new approach to protecting businesses from new cyber security threats, and alongside our other cyber security investments, including Darktrace, Recorded Future & Tessian, we see Detectify as part of a new wave of solutions to make the web safer for everyone.” 

For more information, please contact:

Carina Kinnman, Detectify
E: carina.kinnman@detectify.com
T: +46 (0)76 774 96 66

Jen Andre, Balderton Capital
E: jen@balderton.com
T: +44 (0)20 701 668 00

Want to join the growing Detectify team? Check out our career page

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