Detectify raises €5M from Insight Venture Partners and existing investors to accelerate international expansion of its web security business

Detectify, a Stockholm, Sweden-based web security company, announced signing off an agreement for a venture financing round totalling €5M ($6.2M).

The backers were led by New York based venture capital and private equity firm, Insight Venture Partners, and included existing investors, Paua Ventures and Inventure.

The money will be used to accelerate Detectify’s international expansion and R&D.

Detectify, founded in 2013 by a group of top-ranked white-hat hackers led by Fredrik Nordberg Almroth and Rickard Carlsson (CEO), uses automation to scan websites for vulnerabilities, leveraging the crowdsourced knowledge of white-hat hackers to help customers stay on top of security. Detectify Crowdsource, Detectify’s ethical hacker network, allows top-ranked security researchers to submit vulnerabilities that are then built into the Detectify scanner and used in customers’ security tests. The researcher gets paid every time their submitted module identifies a vulnerability on a customer’s website.

The company has grown to 20+ employees and landed customers in a wide range of industries and company sizes, like Trello, Le Monde, and KING.

Prior to this deal, Detectify raised almost $3M from a range of local investors including Kim Groop, Mattias Miksche, Nick Coleman, Risto Siilasmaa and Johan Zetterström.