Cybersecurity Startup Hack the Box Draws $10.6 Million in Series A

By James White Friday, April 23, 2021

While hacking is often thought to be a malicious act, the skill set has numerous ethical uses in the cybersecurity industry. Having an authorized hacker can help a company or business test its cybersecurity software and detect any exploits or gaps in protection before a cybercriminal does. Startup company Hack The Box recently closed a $10.6 million Series A for its cybersecurity training business.

“We are delighted with our growth and community support but we are most proud of having created a platform that turns hacking training into a true passion,” said Haris Pylarinos, CEO and founder of Hack The Box. “Everything we do is geared around creating a safer Internet by empowering corporate teams and individuals to create unbreakable systems. Hack The Box is proud to train the world's best.”

Paladin Capital Group led the latest round of support for the startup cybersecurity business. Also backing the startup business were investors Osage University Partners, Brighteye Ventures, and Marathon Venture Capital. Prior to the Series A round, Marathon Venture Capital led a $1.3 million seed round for Hack The Box. The newest funding for the cybersecurity startup company will help grow the business and expand its portfolio of products.

Computer hacking concept.

A Hacking Playground

Founded in 2017 by Pylarinos and entrepreneur Aris Zikopoulos, Hack The Box provides a platform for users to hone their hacking skills. The startup company claims to have over 500,000 members pursuing cybersecurity training through its business.

Hack The Box offers a subscription-based platform with a number of training options for both individual and business use. Hacking challenges range from easy, intro-level tasks to challenging and complex scenarios. The cybersecurity startup company sports leaderboards and badges to encourage friendly competition among those attempting to expand their capabilities.

Hack The Box simulates real-world scenarios and vulnerabilities, allowing IT professionals and other users to prepare for viable threats their company may encounter. The startup company also offers an academy for aspiring cybersecurity professionals, with courses covering topics from password cracking to secure JavaScript coding.

“We’re excited to be backing Hack The Box at this inflection point in their growth as organizations recognize the increasing importance of an adversarial security practice to combat constantly evolving cyber attacks,” said Gibb Witham, senior vice president at Paladin Capital Group. “Hack The Box keeps enterprises and government customers up-to-date on the latest adversary methods and tradecraft so that attackers are the only ones caught unprepared.”

Breaking Into the Cybersecurity Industry

Market research projects the global cybersecurity market to reach over $304 billion by 2027 at a CAGR of 9.4%. The startup company is tapping into an expanding industry, as cybersecurity is essential to rapidly growing digital businesses and ecommerce companies. Training IT professionals to combat real cyber threats is key to ensuring the safety of these businesses.

According to Hack The Box, over 1,000 universities and companies use the platform, with over 1.2 million training hours clocked. Other services like TryHackMe and Cybermerc will likely compete for space in the industry alongside Hack The Box.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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