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 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 comes just over 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. Flare, which did not share its revenue, claimed it is on track to post triple-digit growth in 2025.
Founded in 2017, Flare aims to help organizations spot and mitigate online threats. The 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 clients in the health, pharmaceutical, and tech sectors.
In a statement, Flare CEO Norman 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.
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“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.”
Flare plans to use this capital to advance its identity exposure management capabilities, explore strategic M&A, and continue expanding its presence internationally.
BetaKit has reached out to Flare for additional details regarding the financing and the company’s product and M&A plans.
Feature image courtesy Vadim Daniel Photography.