Phishing detection platform PhishMe raises $42.5M in Series C

Leesburg, Virginia-based cybersecurity firm, PhishMe that provides threat management solutions for organizations and train enterprise staff in phishing detection says, it has raised $42.5 million in Series C funding led by existing investor Paladin Capital Group, with participation from Bessemer Venture Partners. According to PhishMe, phishing that bypasses most detection methods, can be defined as any type of email-based social engineering attack to carry out malware and drive-by attacks. These are fraudulent emails disguised as legitimate communication that attempt to trick the recipient into responding, by clicking a link, opening an attachment, or directly providing sensitive information. These responses give attackers a foothold in corporate networks, and access to vital information such as intellectual property. The funds raised will be used in product development and expansion, says the company. It also plans to continue investing in its research and spread its reach into Asian and European markets. Designed to engage all employees in cybersecurity by conditioning behavior to recognize and report malicious phishing emails, PhishMe claims to provide security teams with critical, real-time attack intelligence by building technology alliances and fostering partner ecosystem. It’s solutions, reportedly, disrupts the core of the adversary’s attack chain. The combination of Simulator-Reporter-Triage reduces the success and resolution time of phishing attacks and provides an additional safety net by operationalizing a program of human security sensors with a detection mechanism that is based on user-generated intelligence derived in near real-time. PhishMe Rohyt Belani, CEO and Co-Founder, PhishMe, said:
“Institutional capital has become more selective for cybersecurity companies over the last three quarters. We are fortunate to have attracted interest from the most highly regarded investment firms in the world. This is testament to our strong business model and the investment community’s confidence in our ability to execute and maintain expansive growth for years to come.”
“This strategic funding will put us in a position to drive further innovation in email security and phishing defense strategies, as well as explore inorganic growth opportunities,” Belani added. Founded in the year 2011, PhishMe has since participated in 3 rounds of funding, making it worth $58 million. Prior to this, PhishMe had secured $2.5 million in July 2012 in a Series A round, followed by $13 million in a Series B funding round in March 2015, by Paladin Capital Group. According to claims, it has over 250 full-time employees and counts almost half of Fortune 100 companies as customers. It also shares market space in competing companies like Wombat Security, PhishLabs and KnowBe4 that specializes in phising amongst other targeted malware. Christopher Steed, Managing Director, Paladin Capital, says they see enormous potential within the startup. He commented: “PhishMe’s momentum and innovation provide an excellent opportunity for investment, and we are excited to increase our stake in the company as a testament of continued growth and strong performance.” While Alex Ferrara, Partner, Bessemer Venture Capital, stated: “Despite the growing number of security vendors in the market, we quickly realized the huge potential behind PhishMe’s business proposition. We’re extremely pleased to have invested in the company and look forward to working alongside the management team and supporting their growth plans.” The news comes ahead at a point when PhishMe has just made new hires in Wade Weeks as Senior Vice President of Engineering and Joshua Nicholson as VP of Professional Services to complement its management team and portfolio.

Abhinav Mohapatra

An author who has a keen interest for the ‘off-beat’ <!--more-->An author who has a keen interest for the ‘off-beat’, he has covered and explored multiple facets of the marketing, advertising

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