Global secure coding company Secure Code Warrior® today announced a Series B funding round of £38 million, representing the largest ever US investment of its kind for an Australian cybersecurity business.
The investment will be used to support global expansion initiatives, ongoing product innovation, and the establishment of new operations, including further investments in the UK market. Secure Code Warrior’s funding is led by US-based Goldman Sachs Group. Additional investors also include ForgePoint Capital and Cisco Investments, with new commitments from existing investors Sydney-based AirTree Ventures and Washington DC-based Paladin Capital Group.
Founded in 2015 by global cybersecurity experts Pieter Danhieux and Dr. Matias Madou, Secure Code Warrior is an online secure coding platform that helps developers think and act with a security mindset every day. It includes support for nearly 30 programming languages and frameworks, and delivers more than 3,500 training modules that cover more than 140 different software weaknesses; including the all-important OWASP Top 10.
In the UK, Secure Code Warrior team has grown by nearly 170% in the past 12 months, with plans to continue that growth rate with further expansion into EMEA. Recent new hires in Sales, Marketing, and Customer Success leadership is set to drive expansion throughout EMEA, and also to oversee the development of the business’ existing UK client base, which includes the likes of the BBC, HSBC, Standard Chartered and FinTech company Revolut.
Pieter Danhieux, Secure Code Warrior, Co-Founder, CEO and Chairman commented: “We are delighted to announce this new funding round which ensures we are able to grow our successful operations in key global markets. The UK is an important market for us, and we’re committed to supporting the fast-growing team there in its mission to combat software vulnerabilities from the beginning.”
This most recent investment follows Secure Code Warrior’s funding in September 2018 led by Paladin Capital Group, and AirTree Ventures. Since then, Secure Code Warrior has gone from strength to strength, and now has more than 180 customers from 28 countries around the world. In addition to customer growth, staff numbers have risen to more than 120 full time employees, with plans to continue rapid hiring in all locations and functions.
“As organisations around the world increase their reliance on software, the need for secure code has never been more important. However, each day, security breaches resulting from previously known software vulnerabilities occur – impacting both individuals and organisations,” said Pieter Danhieux. “To put it simply – this situation has to stop. Secure Code Warrior’s vision is to make Developers the first line of defence by making security highly visible and providing them with the skills and tools needed to write secure code from the beginning. Our purpose is to support their ultimate goal of shipping secure code with confidence.”
As part of the investment, David Campbell, a Managing Director in Goldman Sachs’ Merchant Banking Division, will join the Secure Code Warrior board of directors. He commented: “The Digital Enterprise and CI/CD are two major trends that are placing the app and the developer on the frontlines of the business. Secure Code Warrior helps organizations build more secure code while allowing them to maintain productivity and delivery timelines. We are excited to be working with Pieter and the Secure Code Warrior team as they execute their unique vision.”
“In a time when the industry is struggling with securing their environment and products, Secure Code Warrior addresses the root cause – Dev Ops delivering secure code. Secure Code Warrior solves a fundamental problem for organizations: teaching, measuring and improving secure coding skills during the development process. The Security industry cannot keep up with the vulnerabilities hackers produce, as current market solutions are simply not effective,” said Sean Cunningham, Managing Director at ForgePoint Capital. “Secure Code Warrior’s unique approach and vision delivers phenomenal insights and solutions to developers and management. ForgePoint Capital is honoured to work with Pieter, Matias and their world-class team as they continue their successful journey”.
“Cisco fundamentally believes that securing applications requires a cooperative model. Reducing risk and increasing agility are not mutually exclusive objectives, as Pieter and the Secure Code Warrior team are demonstrating by delivering on a critical step in that direction. We are pleased to invest in Secure Code Warrior as they continue to enable development and security teams to construct safer code,” said Bret Hartman, vice president and CTO, Cisco Security Business Group.
“Secure Code Warrior is succeeding in solving for a fundamental tension in the era of digital transformation: the increasing push for business agility while maintaining high cybersecurity and risk management standards. By empowering developers at the front lines of the modern digital enterprise, SCW is leading the charge in enabling its customers to be more secure and trusted, all while enhancing efficiency,” said Mourad Yesayan, Board member and Managing Director at Paladin Capital Group. “We are delighted to partner with these world-class financial and strategic investors to support Pieter, Matias, and a phenomenal team in this next phase of rapid growth.”
“The new front in the cybersecurity war is being fought by software developers. Secure Code Warrior is focused on helping developers write code more securely, and they have emerged as a clear global leader in developer driven cybersecurity. This is one of the fastest growing software companies we’ve seen come out of Australia, and it’s fantastic to see Australian based technology like this being exported around the globe. We’re excited to be doubling down and supporting them in their global expansion,” said James Cameron, Partner at AirTree Ventures.