ACTIVE Fund, the largest venture capital fund to come out of the Philippines, has joined a team of investors to secure $26 million in Series B venture capital funding for SlashNext, the leader in SaaS-based spear-phishing and human hacking defense across digital channels and apps. The amount will accelerate the company’s mission to protect the world’s 4 billion Internet users from all forms of phishing — the number one, multi-billion-dollar cybersecurity threat to organisations and consumers.
With new investors the ACTIVE Fund of the Ayala group as advised by Kickstart Ventures, G3 Enterprises, Telia Group, and participation from early investors Norwest, Wing, and Alter Ventures, the round brings SlashNext’s total funding to $43 million.
Ninety-one percent of all successful cyber breaches start with spear-phishing — including ransomware, data theft, and over $30 billion of financial fraud.1 NTT’s recent Global Threat Intelligence Report for August showed that three to four percent of malware detected is ransomware, translating to hundreds of thousands of attacks Since January this year, attacks have increased at least 50 percent, and continue to rise. They predicted a likely 300 percent growth in ransomware, which could equate to $20 billion in damages.
In Southeast Asia, cybercrimes are increasing on Tor darknet, including fake passports, fake currencies, stolen credit card and personal identification information, drugs, and cybercrime toolkits.3 There have also been cyberespionage attacks against government entities in Myanmar and the Philippines since at least October 2020 through spear-phishing emails containing a malicious Word document.
SlashNext’s patented cloud and on-device AI goes beyond email protection and stops spear-phishing, social engineering, and other targeted human threats across popular communication channels and collaboration apps.
With its pinpoint accuracy and 48-hour time to detection advantage, only SlashNext protects organisations from these malicious user threats launched from legitimate, trusted sites that easily evade current SEG, proxy, SASE, and endpoint security tools.
“When cybercriminals launch successful spear-phishing attacks, the results are massively disruptive to people, organisations, and the economy,” SlashNext CEO Patrick Harr said. “This is the number one cyber challenge that organisations and individuals globally face, and bad actors are only increasing their attacks and becoming more sophisticated at taking advantage of the most vulnerable part of organisations — its people. Our mission is to protect our customers from these threats, and this new funding will enable us to scale and innovate faster so that we can help customers outpace the risk.”