Balderton Capital has led a €21m funding round for cybersecurity company Detectify.
The firm is currently investing from Balderton Capital VII, which closed on $400m in November 2019. Typical initial equity cheques from the vehicle are $5-10m. Balderton has made several other cybersecurity investments, including Darktrace and Recorded Future.
Existing investors Paua Ventures, Inventure and Insight Venture Partners also participated.
The fresh capital will go towards hiring talent.
Paua and Inventure co-led a $1.7m funding round for Detectify in 2015. Several business angels also invested.
In 2017, Inventure led an SEK 9.5m round for the company, with participation from Hannu Turunen and First Fellow Partners.
Then in 2018, Insight Venture led a €5m funding round for Detectify, with Paua and Inventure also participating.
Founded in 2013 and based in Stockholm, Detectify is a cybersecurity company that offers an online vulnerability scanner under a software-as-a-service subscription model. The scanner is maintained by an ethical hacker network. The company also operates an office in Boston.
Balderton Capital – James Wise (partner).
Detectify – Rickard Carlsson (CEO).
Deal is based on an EV of €1.4bn and will see minority owner Kirkbi maintain a stake
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In additon to the equity deployed by Palladio, a debt package was provided by Intesa Sanpaolo