Secure Code Warrior, which offers gamified coding security training for developers, raises $47.6M led by Goldman Sachs
Secure Code Warrior, the global cybersecurity training company with a base in Belgium, has raised a Series B funding round of $47.6 million led by Goldman Sachs.
Context & Ripple Effects
Secure Code Warrior's $47.6M Series B lands two months after Goldman Sachs led Very Good Security's $35M data-protection round, making this the second security bet the bank anchored in late 2019. The through-line is deliberate: Goldman was assembling a portfolio across the software lifecycle, from data handling to the developers writing the code.
The round also matters for where it comes from — Belgium — because the country keeps producing developer-security companies, culminating years later in Aikido Security's $60M Series B at a $1B valuation. Secure Code Warrior's angle is the human layer: gamified secure-coding training rather than another scanning tool.
First-order effects
- Goldman Sachs now holds positions on both sides of the developer-security stack — infrastructure (jSonar's database-security Series A followed in mid-2020) and human behavior — giving it visibility into which layer of appsec spend actually converts.
- Secure Code Warrior gets the capital to push gamified training from early adopters into mainstream enterprise security budgets, competing for line items traditionally owned by compliance e-learning vendors.
Second-order effects
- Developer-skills platforms feel the pull toward security: CodeSignal's assessment rounds ($25M Series B, then $50M Series C) show the adjacent technical-verification market scaling in parallel, pressuring both categories to converge on measuring and training secure coding in one workflow.
- Security vendors selling automated tooling must now answer the 'people problem' their tools expose — expect bundling or partnerships between scanners and training providers rather than either winning alone.
Third-order effects
- If the pattern holds, security budgets structurally migrate upstream from perimeter products into the developer workflow itself — the trajectory Aikido's later $1B valuation confirms — with financial acquirers like Goldman Sachs (which bought Human Security outright in 2020) positioned as consolidators of the stack.
- Training becomes an auditable control rather than a checkbox course: as regulators and insurers probe why vulnerabilities ship, proof that developers were trained and tested turns into a compliance artifact enterprises can be held to.
The trend: Application security is shifting left into developer behavior and workflow, with Goldman Sachs using its balance sheet to finance and consolidate every layer of that migration.