HoxHunt announced a $40 million Series B round led by Level Equity Management, along with existing investor Icebreaker.vc

HoxHunt, a Helsinki, Finland-based software company, raised $40 million series B investment round.

The money was raised from investors led by US-based private equity firm Level Equity Management, joined by the existing investor Icebreaker.

The proceeds will be used  for the development of Hoxhunt’s technology and accelerate growth in new markets, particularly North America.

HoxHunt, founded in 2016 by CTO Pyry Åvist and CEO Mika Aalt, developed a software platform for employees training and engagement in order to make them aware of possible cyberattacks. The platform gives access to simulations of phishing, social engineering, and other attacks and rewards users for reporting them.

Prior to this round, HoxHunt secured $2.9 million series A in 2018 from Dawn Capital, Icebreaker and Risto Siilasmaa and raised seed in 2017.