Germany’s SoSafe secures €63.6M for its cyber security awareness and human risk management platform

Cologne, Germany-based SoSafe, a company that provides a cybersecurity training platform to corporate clients, announced on Thursday that it has raised $73M (approx €63.6M) in its Series B round of funding.

The round was led by expansion-stage specialists Highland Europe. Existing investors Acton Capital and Global Founders Capital, SAP Hybris founder and Celonis Advisory Board member Carsten Thoma, and La Famiglia,Adjust and Remote Public Labs founder Christian Henschel also participated in this round.

Gajan Rajanathan, Partner at Highland Europe, says, “SoSafe has built a trusted cybersecurity awareness and testing platform, underpinned by behavioural analytics, and human risk scoring that sustainably protects the most important threat surface in cybersecurity – human security breaches. As they expand their product and market vision, we have no doubt SoSafe will join the ranks of the latest global category leaders.”

Funds to double down on global expansion

The proceeds from this round will help SoSafe to double down on its global expansion and further develop its product. The company will also build the organisational foundation and expand the workforce globally. 

In the past year, the SoSafe team has grown with more than 160 employees joining the company. The company wants to have a diverse team of over 250 people, representing 22 nationalities, and located across seven countries.

Dr. Niklas Hellemann, psychologist, co-founder and MD of SoSafe, says, “Challenging the existing paradigms in security awareness and human risk management, we have seen tremendous adoption of our platform and extraordinary growth. We will now increase our international footprint further as well as advance our position as the leading second-generation security awareness and human risk platform, deeply rooted in behavioural science.”

Training on cyber security and data protection

Founded in 2018 by Dr. Niklas Hellemann, Lukas Schaefer, and Felix Schuerholz, SoSafe empowers organisations to build a security culture and mitigate risk with its GDPR-compliant awareness programs.

Currently, the company serves more than 1,500 customers globally and claims to be a European leader in security awareness and training. With 85 per cent of attacks traced back to the human factor, the SoSafe awareness platform uses insights from behavioural science to drive sustainable behavioural change. 

SoSafe delivers engaging, personalised learning experiences and smart attack simulations that turn employees into active assets against online threats.

Some of the company’s clients include Aldi, Ceconomy AG, Taylor Wessing, Vattenfall, and Valtech.

In a statement, SoSafe says cybercrime is rising and is expected to cost organisations an alarming $6T in 2021 alone. While many awareness solutions focus solely on checking off compliance requirements, SoSafe aims to disrupt the status quo and let employees take a centre-stage in organisational security.