Montréal cybersecurity software scaleup Flare has secured an additional $30 million USD to advance its global expansion, product development, and merger and acquisition (M&A) plans.
“Flare is uniquely positioned to shape the future of TEM.”
This includes a $15-million USD equity, primary capital Series B extension 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 Montréal.
This raise, which closed in September, comes a year after the cyber threat monitoring tech provider closed a $30-million USD Series B round to scale its presence globally.
Since then, Flare has grown to support customers and partners in more than 50 countries, established a base of operations in the United Kingdom, and more than doubled the size of its business in Europe, the Middle East, and Africa (EMEA). Flare, which declined to share its exact sales, claimed its annual recurring revenue has grown more than 160 percent over the past year.
“We believe this is a pivotal moment in the cybersecurity market,” Flare CEO Norman Menz told BetaKit. “Raising additional capital now allows us to capitalize on significant growth opportunities, particularly as we expand into new regions and deepen our presence in EMEA and beyond.”
Menz described this combo of debt and equity as “a strategic structure that supports continued innovation and expansion while maintaining balance between growth investment and capital efficiency.” He declined to share Flare’s valuation but claimed the extension was an up round.
Founded in 2017, Flare aims to help organizations spot and mitigate online threats. The now 120-person scaleup says its software automates digital threat monitoring by trawling the open internet and the dark web for cybercrime, like the theft of company credentials or data leaks.
Flare claims its software sets it apart from competitors in the TEM space because of its expansive dataset, including from sources like darknet marketplaces, leak and dump websites, and private Telegram rooms.
Though its product began as a cybersecurity tool for financial institutions, Flare’s client base has grown to include customers in the government, health, pharmaceutical, and tech sectors.
In a statement, Menz said the company’s latest financing marks “an important milestone” for Flare as it looks to capture a greater share of the threat exposure management (TEM) market.
RELATED: Flare raises $42.5-million Series B to go global with cyber threat detection tech
“We believe multiple external cybersecurity use cases—ranging from traditional threat intelligence to digital risk protection and exposure validation—are converging under TEM,” Menz added.
Inovia partner Hugues Lalancette argued in a statement that “Flare is uniquely positioned to shape the future of TEM.”
This financing brings Flare’s total equity funding to $55 million USD. Flare plans to use this capital to advance its product, explore strategic M&A, and continue expanding its presence internationally.
Last year, Flare acquired US-based competitor Foretrace to broaden its capabilities for collecting emergent cyber threat data.
Menz said Flare’s recent launch of identity exposure management, which helps organizations track and mitigate risks for leaked or stolen employee identities, builds on its push to give security teams visibility into threats “before attackers can exploit them.”
Update (11/05/25): This story has been updated to include additional information and commentary shared with BetaKit by Flare CEO Norman Menz.
Feature image courtesy Vadim Daniel Photography.