Huntress Raises $40 Million as Startup Develops Cybersecurity Platform

By Thomas Price Sunday, May 9, 2021

With more business owners shifting focus to online platforms, the need for cybersecurity is reaching completely new highs. As a result, more cybersecurity startup companies are being created to meet the demand. Huntress is a cybersecurity company that focuses on protecting small business owners from hackers by providing a more affordable option to them. The startup recently closed on its Series B funding round, which will help Huntress to expand ongoing business operations, improve upon its cybersecurity platform, and continue its mission to elevate small business above the cybersecurity poverty line.

Cybersecurity concept.

How Huntress Works and Ongoing Success

Cybersecurity startup Huntress works through a four-point system on its platform that helps to protect small and mid-sized business owners from hackers. The company first detects attacks on the system and exposes the perpetrators. Following this, the startup analyzes the attack and provides an incident report to the business. Huntress then responds with one-click automated actions along with giving the business owner a step-by-step guide to prevent the attack from happening again. Finally, the company creates a full-scale report with data analysis.

The startup offers a variety of services to clients, such as persistent footholds to kick out existing hackers, ransomware canaries that detect possible incidents, external recon to find soft points in security, it can manage antivirus software, and more.

Huntress partners with business owners through the use of managed service provides and value-added resellers that help connect the startup with clients.

This business model has worked incredibly well for the company already, with Huntress boasting over 1,500 partnerships with resellers, thus supporting over 25,000 end-customer organizations. On top of this, because of the recent expansion and success, the company can now support a full-time work staff of over 100 people.

This success has in turn brought significant attention from investors who see even further expansion in the near future.

Huntress Funding and Future Plans

In the Series B funding round for the startup, Huntress raised $40 million in capital. The funding round was led by JMI Equity with participation from ForgePoint Capital and Gula Tech Adventures. The new funding will help the company to improve upon its cybersecurity technology and expand the scope of the platform.

Huntress could also take part in the major growth of the cybersecurity market as a whole. In fact, the global market for cybersecurity is projected to reach $304.91 billion by 2027, with a compound annual growth rate of 9.4%. The company could play a major part of that considering the rapid adoption on online storefronts for small and midsize businesses.

When commenting on the recent funding round, founder and CEO of Huntress, Kyle Hanslovan, said, “These growth-driven partnerships ensure we can continue challenging tomorrow’s attackers, by accelerating our roadmap and evolving to meet new and diverse threats. And, importantly, minority investments allow us to laser-focus on securing our partners without sacrificing the values which enable our team to defend the channel. At a time when many vendors are over-promising and under-delivering, we’re effectively doubling down on our mission to bring highly effective—and affordable—cybersecurity services to the 99% of businesses that need it most.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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