ZeroFOX, a leader in the social media and digital risk monitoring market, has announced the closing of a $40 million Series C funding round led by Redline Capital Management and Silver Lake Waterman, Silver Lake’s late stage growth capital fund. Existing investors New Enterprise Associates (NEA), Highland Capital Partners and Core Capital also participated in the round.
The Baltimore-based social media cybersecurity company will use the new funding to drive global expansion and product advancement as its total capital raised now amounts to $88 million.
The startup, founded in 2013 by a team of information security and high-growth startup veterans, helps companies manage social media risks including scams, malicious links and account hijacking. As business and personal use of social media blurs, ZeroFOX aims to protect clients using artificial intelligence and its patented enterprise-grade platform.
ZeroFOX CEO James Foster suggests that while we have become more savvy about email phishing, social media offers an attractive channel for cyber criminals to manipulate users because of its primary purpose as a link-sharing platform.
As part of the deal, Redline Capital Management partner Alastair Cookson will join ZeroFOX’s board of directors.
“With the mass adoption of social media, organizations of all sizes are contending with new threats that do not show up in their existing monitoring, let alone defense and remediation capabilities,” said investor and board member Cookson in a statement.