ZeroFOX, a cyber security startup for social media has announced it raising $27 million in Series B round of funding led by Silicon Valley venture firm Highland Capital along with the New Enterprise Associates, Genacast Ventures, Core Capital and Silicon Valley Bank.
Founded in 2013, the startup ZeroFOX protects organizations from the risks caused by social networking and digital communication platform. It targets at helping companies and government agencies patrol LinkedIn, Facebook, Instagram and other social media sites for hackers looking to sneak into secure networks through phishing schemes or malware. It constantly looks at social platform for cyber attacks, information loss, social engineering campaigns, account compromise and fraud and protects cmpanies from digital threats. It offers focused protections and overall insights into the world of social media threats with the help of its cutting edge technology and proven security practices.
With the fresh funds, ZeroFOX plans to continue doing the same but in a much faster pace. Also, it plans to recruit more sales people and invest a portion in technology. The company plans to boost sales by focusing some of the funds into engineering and merging and acquisition activities. James Foster, CEO of the company said, “This round allows us to go faster, to shorten our time horizon for a public exit.” Further to the funding, Corey Mulloy, a general partner at Highland Capital has joined the board of ZeroFOX.
“I am honored to have some of the most renowned and experienced venture capitalists on the ZeroFOX Board of Directors,” said James C. Foster, ZeroFOX Chairman and CEO. “We started down this journey less than 3 years ago, and in that time, the support and guidance we received from our investors has been invaluable. The vote of confidence in my team and me is humbling. With Highland Capital’s investment, we are excited to continue providing organizations across the globe with the most comprehensive social media security possible.”
“Over the past year and a half, the ZeroFOX team has done an exemplary job of growing their company with purpose,” said Peter Barris, ZeroFOX board member and Managing General Partner at NEA. “Their development has been tailored to the increasing market demand for a powerful social media cyber security solution. Across the board, their numbers are trending in the right direction and at the right pace. I am thrilled to help guide ZeroFOX through their next phase of growth, and I’m invigorated by Highland Capital’s interest and partnership.”
Mulloy added, “It has become a truism that every new digital platform is quicky followed by corresponding digital security. Social media is the biggest change in the digital landscape over the past decade, and organizations are increasingly coming to terms with the risk exposure associated with social networking. ZeroFOX has perfectly positioned and proven themselves as the social media cyber security experts. I am confident that ZeroFOX’s exceptional team and technology will define and dominate this quickly developing market.”