Pittsburgh Business Times by Patty Tascarella July 10th, 2014
Pittsburgh-based cybersecurity firm Wombat Security Technologies has raised $6.73 million.
Leading the funding round was New York-based Level Equity, a new investor in Wombat, CEO Joe Ferrara confirmed.
“We also had a number of existing investors and shareholders participate in the round as well,” Ferrara said.
The capital is earmarked for growth — aiding product development and adding staff. Wombat currently employs more than 40 and is hiring eight in development support, sales and marketing. The company develops educational tools to train people in various areas, including avoiding phishing scams and safe uses of public networks and mobile devices.
“We weren’t in a position where we needed money, but it was a good opportunity for us to accelerate what we’re doing,” Ferrara said. “We’ve been on a good run in terms of growth, so we’re looking to accelerate it."
The company, founded in 2008, is based in the Strip District.