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Success Stories

KnowBe4

Creating a new category

Clearwater, FL

Market Opportunity

Ten Eleven was aware that the vast majority of cybersecurity incidents begin with human error – such as an employee accidently giving up a password after clicking on a phishing link. It was clear that better security awareness training was needed to help employees identify and protect themselves and their organizations against persistent threats.

KnowBe4 offered an effective solution that resulted in dramatic risk reduction. Additionally, the way that KnowBe4 continually tested employees gave companies a way to track improvement and determine ROI. KnowBe4 also developed a distinctive focus on high quality, highly watchable content and a crisp, channel-friendly GTM strategy.

Ten Eleven initially invested in the company in March 2019 as part of the company’s Series C.

Managing Team

Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. Kevin Mitnick, an internationally recognized cybersecurity specialist and KnowBe4’s Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics.

Ten Eleven Impact

Ten Eleven assists with ongoing financing processes, industry introductions, and helping build the team.

Key Milestones

2019

$50M

SERIES C

2019

$300M

SERIES C-1

April 22nd

$4B

Outcome

KnowBe4 went public on the NASDAQ on April 22, 2021. Tens of thousands of organizations rely on KnowBe4 to mobilize their end users as their last line of defense.

– Rob Owens & Piper Sandler, Equity Research Initiating Coverage Report

“Human layer security solutions have historically made up more than 3% of the market for security products, despite humans being the most commonly exploited attack vectors. As organizations have quickly realized the risk of leaving this layer unprotected, we believe the security awareness market growth will continue to experience outsized growth relative to the market for security products.”

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