Cobalt.io raises $5M in Series A Funding in a round including byFounders, elab Ventures and Draper Associates, to disrupt the traditional pen testing market

Cobalt.io, a Danish-founded and San Francisco, USA-based company managing a Pen Testing as a Service platform (​PTaaS)​ transforming the traditional pen testing model for SaaS businesses, announced securing $5M in series A investment.

The investors in this round includes Danish venture firm byFounders as well as elab Ventures​,​ ​DG Incubation, Plug and Play Ventures​ and ​Tim Draper with Draper Associates. Additionally, Rob Mann ​joins Cobalt as an investor and advisor. Eric Lagier and Michele Law will be joining the board of directors which includes application security expert Caleb Sima, Bob Stefanski, managing director of eLab Ventures and Cobalt CEO/founder Jacob Hansen.

The funding will be used to fuel the global expansion and for further investment in its ​industry-leading​ PTaaS platform.

Cobalt, founded in 2013 in Argentina as Crowdcurity by four Danes, Christian Hansen, Esben Friis-Jensen, Jacob Hansen and Jakob Storm, leverages a global intelligent community of security researchers as the company aims to disrupt the traditional pen testing market with a Pen Testing as a Service Platform (​PTaaS)​, which helps secure applications for companies such as Verifone, MuleSoft, GoDaddy and Credit Karma. Later on the company moved to San Francisco and opened an office in Berlin.

Prior to this deal, Cobalt raised about $2.5M in venture financing.