Detectify, a Stockholm, Sweden-based web security company, raised €5m in financing.
The round was led by New York based venture capital and private equity firm Insight Venture Partners with participation from existing investors Paua Ventures and Inventure.
The company intends to use the funds to accelerate international expansion and continued R&D.
Founded in late 2013 by Rickard Carlsson, CEO, Detectify uses automation to scan websites for vulnerabilities, leveraging the crowdsourced knowledge of white-hat hackers to help customers stay on top of security. Detectify Crowdsource, Detectify’s ethical hacker network, allows top-ranked security researchers to submit vulnerabilities that are then built into the Detectify scanner and used in customers’ security tests.
The researcher gets paid every time their submitted module identifies a vulnerability on a customer’s website.
The company, which has 20+ employees, serves customers in a wide range of industries and company sizes, like Trello, Le Monde, and KING.