Raises $29M in Series B Funding


Cobalt, a San Francisco, CA-based cybersecurity platform that connects human penetration testers (also known as ‘ethical hackers’) with companies looking to test their software, raised $29m in Series B funding.

The Series B round, which brought total funding to $37m, was led by growth-stage experts Highland Europe. In conjunction with the funding, Gajan Rajanathan joined the board from Highland. 

The company intends to use the funds to continue its global expansion and develop its platform.

Founded in 2013 by four Danish co-founders – Jacob Hansen, Esben Friis-Jensen, Jakob Storm and Christian Hansen, Cobalt provides a Penetration test as a Service (PtaaS) platform which leverages human cybersecurity experts, who work to find vulnerabilities in software – a process known as ‘penetration testing’ or ‘pentesting’.

With a globally distributed team and offices in San Francisco, Boston and Berlin, Cobalt is providing streamlined processes, developer integrations, and on-demand pentesters who have undergone rigorous vetting. With Cobalt, customers can start a pentest in 24 hours.

The company now has more than 500 clients, including GoDaddy, Vonage, Axel Springer and MuleSoft, and around 300 pentesters on its platform. Customers are globally distributed, with the US as Cobalt’s largest market.



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