The Montreal-based software company is committed to helping organizations identify and mitigate online threats.
Scaling Cybersecurity Software in Montreal Flash received an additional $30 million to advance its global expansion, product development, and mergers and acquisitions (M&A) plans.
“Flare is uniquely positioned to shape the future of TEM.”
This includes a $15 million Series B equity expansion from existing backers Inovia Capital (which led through its Growth Fund), Base10 Partners and White Star Capital, as well as another $15 million in debt financing from the Bank of Montreal.
The promotion comes just over a year after the cyber threat monitoring technology provider shut down US$30 million Series B round to scale its presence around the world.
Since then, Flare has grown to support customers and partners in over 50 countries, established a base of operations in the UK and more than doubled the size of its business in Europe, the Middle East and Africa. Flare, which did not share its revenue, said it will achieve triple-digit growth in 2025.
Founded in 2017, Flare is dedicated to helping organizations detect and mitigate online threats. The company says its software automates digital threat monitoring by monitoring the open internet and dark web for cybercrimes such as theft of company credentials or data breaches.
Flare says its software sets it apart from competitors in the TEM space due to its extensive data set, including sources such as darknet marketplaces, leak and dump websites, and private Telegram rooms.
Although Flare's product began as a cybersecurity tool for financial institutions, Flare's customer base has grown to include clients in the healthcare, pharmaceutical and technology sectors.
In a statement, Flare CEO Norman Mentz said the company's latest funding marks an “important milestone” for Flare as it seeks to capture a larger share of the risk management (TEM) market.
CONNECTED: Flare raises $42.5 million Series B to go global with cyber threat detection technology
“We believe TEM brings together multiple external cybersecurity use cases, from traditional threat intelligence to digital risk defense and impact verification,” added Mentz.
Inovia partner Hugues Lalancette said in a statement that “Flare is uniquely positioned to shape the future of TEM.”
Flare plans to use this capital to expand its identity disclosure management capabilities, explore strategic mergers and acquisitions, and continue to expand its presence internationally.
BetaKit reached out to Flare for more information regarding the company's funding, products and M&A plans.
Artistic image courtesy of photographer Vadim Daniel.
