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Trind VC's Fund I portfolio company RangeForce announced the completion of $20 million in financing encompassing a Series B round. This funding will be used to fuel the expansion of the RangeForce human cyber readiness platform. Energy Impact Partners and Paladin Capital Group led the latest round and were joined by KPN Ventures, Lapa Capital Partners, and Lanx Capital, with participation from Cisco Investments.
"This funding supports our vision to equip the diverse modern workforce with comprehensive cybersecurity upskilling solutions that enable organizations of all sizes to defend against cyber-attacks. Our mission is urgent in light of the global shortage of skilled cybersecurity professionals. RangeForce offers cyber defense training to frontline workers, who are the first line of defense in cybersecurity readiness, while providing management with valuable insights into their team’s strengths and weaknesses," said Taavi Must, CEO of RangeForce.
The RangeForce cyber defense upskilling solutions are available in three different tiers to meet an organization’s unique needs, including real-world interactive exercises that simulate live attacks to better protect teams against current and emerging cyber threats. These offerings help cybersecurity professionals and operations teams continuously upskill employees, keeping their critical defense skills relevant against current threats while using their existing software tools.
Nazo Moosa, Managing Partner at Energy Impact Partners Range said, "Force’s cyber defense offerings fill a crucial gap in continuous cybersecurity upskilling today. Organizations desperately need cutting-edge training to help them reduce cyber risk and retain critical talent. Our investment is rooted in the belief that RangeForce fits both needs exceptionally well."
Senior Vice President at Paladin Capital Group, Gibb Witham said, " As early believers in human cyber defense readiness, we are excited for RangeForce’s next stage of growth as they continue to scale against this massive market opportunity."
RangeForce has experienced rapid growth with Fortune Global 2000 companies in various industries, including finance, technology, and healthcare, and counts companies like Equifax, Barclays, and federal government entities among its customers. The growth comes as the cybersecurity skills gap expands across all sectors. The 2022 Cybersecurity Skills Gap report by Fortinet found that 80% of organizations worldwide experienced a security breach that could be directly attributed to insufficient cybersecurity skills and awareness. The (ISC)² Cybersecurity Workforce Study in 2022 reinforced the scale of this challenge, stating that there are currently 3.4 million unfilled cybersecurity positions. The U.S. Bureau of Labor Statistics says demand for cybersecurity experts will rise 33 percent by 2030, much faster than the average increase for all occupations.
"We joined the RangeForce journey in 2019. Taavi and his team have taken big leaps, and with this Series B, they can continue pushing further. We have had an exciting journey so far, and we are even more excited to see what the future holds for RangeForce, " said Ivar Siimar, Partner at Trind.