Cobalt raised $29M in a series B round led by Highland Europe

Cobalt, the Danish company based in San Francisco, California, announced the completion of series B funding totalling $29 million.

The round was led by Highland Europe, who will have Gajan Rajanathan as its representative in the board.

Cobalt, founded in 2013 in Argentina as Crowdcurity by Jacob Hansen, Esben Friis-Jensen, Jakob Storm and Christian Hansen, develops and sells what they call a Penetration test as a Service (PtaaS) model. The company provides pentests for companies, via a cybersecurity platform that connects human penetration testers (sometimes known as ‘ethical hackers’) with companies looking to test their software, allowing customers to move from a static pentest to platform-driven pentest programs. Cobalt now has more than 500 clients, including GoDaddy, Vonage, Axel Springer and MuleSoft, and around 300 pentesters on its platform.

Prior to this round, Cobalt secured $7.5M in capital funding.