Managed detection and response (MDR) platform provider Huntress has pocketed $60 million in new venture capital funding as investors continue to bet on startups in the outsourced cybersecurity business.
The $60 million Series C was led by Sapphire Ventures and brings the total raised by Huntress to a whopping $118 million. Existing investors JMI Equity and Forgepoint Capital expanded their equity stake.
The Maryland company said the financing follows significant customer and partner growth over the last two years, noting that it now provides cybersecurity services to more than 105,000 end customers.
“This additional investment will fuel continued growth as businesses increasingly turn to Huntress for their cybersecurity. Huntress also prides itself on advocating for the greater good of the broader cybersecurity ecosystem,” the company said in a statement announcing the financing.
Huntress, which recently spent $22 million to acquire security awareness training startup Curricula, has found traction in the small- to mid-sized businesses segment that typically outsource most cybersecurity operations.
“The ability to prevent and respond to cyberattacks is table stakes, but the cybersecurity needs of SMBs have been grossly underserved,” said Casber Wang, a partner at Sapphire Ventures. Wang said Huntress is well positioned to fill the gaps companies face in security talent and outcome-driven technology.
Huntress said the new capital will be used to beef up its threat detection, analysis and response capabilities to help MSP partners to deliver security tools and services to smaller organizations struggling to cope with ransomware and other malware attacks.
Huntress was created in 2015 by a group of former NSA operators to provide technology, tools and services to help smaller businesses protect digital assets.
Huntress was widely credited with discovering the Kaseya supply chain hack against MSPs, said it used the Curricula tool internally for its own employee security training before deciding to buy the company outright.
Huntress also acquired endpoint detection and response (EDR) technology from a startup named Level Effect to expand and strengthen its capabilities.
Related: Huntress Scores $40M Funding, Plans International Expansion
Related: Huntress acquires Level Effect technology
Related: Huntress Acquires Security Awareness Training Startup Curricula