Dive Brief:
- Enterprise phishing defense and intelligence company PhishMe Inc. announced Wednesday that it has raised $42.5 million in Series C funding.
- Funding was led by existing investor Paladin Capital Group and also included new investor Bessemer Venture Partners, according to the announcement.
- PhishMe representatives said the funds will allow the company to continue R&D efforts and allow it to expand further into Europe and Asia.
Dive Insight:
The phishing business is booming for both attackers and defenders.
The number of phishing emails reached 6.3 million in the first quarter of 2016, a 789% increase over the last quarter of 2015, according to PhishMe. Cybercriminals make an estimated 1,425% ROI for exploit kit and ransomware schemes, according to the 2015 Trustwave Global Security Report. With its relative ease and strong rates of return, its unlikely to go away anytime soon.
"This strategic funding will put us in a position to drive further innovation in email security and phishing defense strategies, as well as explore inorganic growth opportunities," said Rohyt Belani, PhishMe’s CEO and co-founder.
PhishMe has 250 full-time employees and is used by almost half of the Fortune 100 companies, according to the announcement. While there are scores of cybersecurity companies with products on the market, PhishMe boasts its experience in phishing and spear-phishing attacks as setting its product portfolio apart and adding value to enterprise customers.
