Cybersecurity firm PlexTrac has secured $70m from a Series B funding round headed by Insight Partners.
Also taking part in the funding round were existing investors such as Madrona Venture Group, StageDotO Ventures and Noro-Moseley Partners. Back in April 2021, PlexTrac bagged $10m from a Series A round.
Founded in 2016, PlexTrac is a cybersecurity platform that centralises all security assessments, penetration test reports, bug bounty submissions, audit findings and vulnerabilities into a single location.
The firm said that customers have reported a 5x return on investment in the first year and a 30% increase in efficiency through its solution.
Founded in 2016 by DeCloss, PlexTrac raised $10 million in a Series A funding round in April 2021. During 2021, it generated 3x growth in recurring revenue and quadrupled its headcount. It has more than 160 customers.
PlexTrac said the new funding will be used expand its market reach and increase brand awareness as well as doubling headcount and propelling its product roadmap forward.
PlexTrac CEO and founder Dan DeCloss said, “It has never been more crucial to be proactive in defending against increasingly disruptive threats. PlexTrac empowers teams to stay focused on the right work, eliminating waste in daily workflows, prioritising the most critical organisational risks, and providing visibility of security progress.”
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