SCRA's SC Launch Makes Second $250K Investment in Hook Security

On August 24, 2021, SCRA announced that its SC Launch program had made a second $250,000 investment in Hook Security, bringing SC Launch's total investment in the company to $500,000. The follow-on closed in May 2021 and was presented publicly at DIG SOUTH's Wild Pitch event, with a big check from SCRA Executive Director Bob Quinn and Investment Manager Lee MacIlwinen.

SCRA announced the investment and the Upstate Business Journal covered it the same day.

What is SCRA and SC Launch?

SCRA is a South Carolina applied research corporation. Its SC Launch program invests in early-stage technology companies in the state and supports them as member and portfolio companies. Hook Security, then headquartered in Greenville, became an SCRA member and portfolio company in 2019 with an initial $250,000 investment. The 2021 follow-on doubled that commitment.

What SCRA said

"Cyberattacks are more common than ever, and the risk to businesses is greater than ever. What used to be a best practice activity is now a critical necessity for all organizations," said Lee MacIlwinen, SCRA Investment Manager.

"The service they offer is top-of-mind for all organizations, and we're excited to support such a critical need," said Bob Quinn, SCRA Executive Director.

What Hook said

"We've developed an entertaining way to offer training for something that is very serious," said Zach Eikenberry, CEO of Hook Security. "The uniqueness of our platform is why we are a growing business."

What Hook offered in 2021

By mid-2021 Hook's platform combined four things: phishing simulations, security awareness training, compliance training, and psychological security, the approach now known as PsySec. The difference was tone. Instead of trying to catch people out, Hook's short, funny videos gave employees training they chose to watch, and a training moment the instant they clicked a simulated phishing email.

Why a follow-on investment mattered

A second check from an existing investor is a signal. It says the people with the closest view of a company's progress liked what they saw enough to double down. For Hook, SC Launch's follow-on came in the same year as the Tampa Bay Wave CyberTech|X Accelerator and gave the team runway to keep building the content library and the partner program.

Timeline: SC Launch and Hook Security

• 2019: Hook becomes an SCRA member company and SC Launch portfolio company with a $250,000 investment.
• May 2021: SC Launch invests a second $250,000, bringing its total to $500,000.
• August 24, 2021: SCRA presents the investment publicly at DIG SOUTH's Wild Pitch event.
• September 27, 2022: SCRA shares that Hook, an SC Launch portfolio company, won Judges' Choice at the NEXT Venture Summit.

Where it led

SCRA stayed close to Hook's story. In September 2022 SCRA was among the first to share that Hook, an SC Launch portfolio company, had won Judges' Choice at the NEXT Venture Summit. In May 2023 Hook closed a seed round led by TampaBay.Ventures.

Hook Security is now headquartered in Lakeland, Florida, and serves 500+ accounts and hundreds of MSP partners. See every milestone on Company News.

FAQ

How much has SC Launch invested in Hook Security?

SC Launch, SCRA's investment program, has invested a total of $500,000 in Hook Security: $250,000 in 2019 and a second $250,000 in May 2021.

When was the second investment announced?

SCRA announced it on August 24, 2021, at DIG SOUTH's Wild Pitch event.

Is Hook Security still an SCRA portfolio company?

Hook became an SCRA member and portfolio company in 2019. For current investor information, contact Hook through the press kit.

About Hook Security

Hook Security is a security awareness training and phishing simulation platform built for MSPs and SMBs. Its PsySec methodology uses psychology and humor to create real behavior change. Media resources are in the Hook press kit.