Editor’s Note: This story first appeared in the Austin Business Journal [subscriber content]. We’ve republished it here in an abbreviated format.
SpyCloud Inc. has closed a $30 million series C funding round to help customers protect themselves from the many new ways cybercriminals have been scamming people since the Covid-19 pandemic’s onset.
New York-based Centana Growth Partners led the round, which included all of the Austin-based cybersecurity software startup’s existing investors: Silverton Partners of Austin; San Francisco-based M12, the venture capital subsidiary of Microsoft Corp. (Nasdaq: MSFT); San Francisco-based Altos Ventures; and California-based March Capital Partners.
The fresh $30 million follows the $21 million the company raised in February 2019.
SpyCloud researchers during the early days of the pandemic “uncovered 139,000 new web domains related to the virus and multiple scams being used to take advantage of people, such as criminals posing as government agencies and perpetrating credential stuffing attacks on food delivery apps," according to the company's funding announcement.
“It’s really scary how criminals are going after employees [working from] home,” said CEO Ted Ross, who co-founded the company with Dave Endler in 2016.
Now more hiring is on the way for SpyCloud, with expectations for the workforce to nearly double in the next year, and the company is exploring new products.
The company employs about 70 today and should grow to roughly 100 in the next three months, according to Ross. Within 12 months, the workforce could be up to 130, he said. Positions he and his team plan to fill include those in sales and marketing. Ross said he recently brought on a full-time recruiter to make those new hires.
SpyCloud in February announced it had moved into a new office space on South Congress in Austin.
