Cologne-based cybersecurity training software SoSafe raises seven-digit funding round

SoSafe, a Cologne-based startup that provides a cybersecurity training platform to corporate clients, has raised a seven-digit funding round to fuel further growth and adapt its training software to the new remote-work reality. Acton Capital joined Global Founders Capital as investors.

"The transition towards working from home, the growing spread of cloud software and the dramatically increased attack volume in the context of COVID-19 makes our solutions even more relevant,” explains Niklas Hellemann, one of the three founders and managing directors.

“For instance, the European Cyber Security Agency ENISA reports a 600 percent increase in the volume of phishing emails. Security officers and CIOs are therefore urgently looking for a quick and effective solution to get their employees on board in terms of IT security and thus also fulfil compliance obligations," he added.

Founded in 2018, the German startup has gained over 200 customers with over 300,000 end users. Claiming quadruple sales growth compared to last year, Helleman attributes the software’s success to its continuous and automatic updating, its usability and user-centricity, as well as its security for the end users or trainees — which he says differentiates SoSafe from American alternatives.

“SoSafe puts employee privacy first: our sending engine enables fully anonymous phishing simulations – a fact that is even more important in the context of the latest decision by the European Court of Justice’s dismissal of ‘Privacy Shield’, supporting staff data protection. This really puts us ahead of the mostly US-based competition,” he explained.

The security startup is looking to expand its 55-person team, which includes IT experts and learning psychologists. The fresh capital will fund these hires as well as internationalising and expanding the product.

Photo: SoSafe press photo