, a Pen Testing as a Service platform (​PTaaS)​ transforming the traditional pen testing model for SaaS businesses, announced today that it has received $5 million in funding to ​continue its global expansion and for further investment in its ​industry-leading​ PTaaS platform.

A major new investor in the round is ​byFounders​, with Managing Partner Eric Lagier joining the board of directors. Additional investment comes from ​elab Ventures​,​ ​DG Incubation, Plug and Play Ventures​ and ​Tim Draper with Draper Associates.

“Cobalt’s current growth and execution track record is impressive, so we were eager to help fuel their continued global growth. They have one clear mission: Delivering the best pen testing ROI for their customers. ​byFounders is backed by some of the most accomplished founders in the Nordics and Baltics and Cobalt is a great example of the type of excellent Nordic founders with global ambitions that we like to invest in,​” said Eric Lagier, Managing Partner at byFounders.

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