Montreal-based GoSecure, which has developed a cybersecurity managed detection and response (MDR) software platform, has raised an additional $14 million USD for its Series E round, bringing the total round to $35 million USD.
With this latest investment, GoSecure’s Series E financing round is now fully closed.
The funding was led by W Investments Group, based in Montreal. John Randall, senior vice president of product management at GoSecure, told BetaKit there were other participants but did not disclose their names. Randall said the capital will be put towards sales, marketing and engineering.
GoSecure closed initial funding for its Series E investment in June. Though originally reported as $20 million USD, Randall told BetaKit GoSecure closed $21 million at that time. That investment was led by Yaletown Ventures. Other participants included Bank of Montreal and existing investors SAP/NS2 and Razor’s Edge.
Randall said with this latest investment, the Series E round is now fully closed.
MDR refers to a type of cybersecurity service that detects malware and malicious activity in a business’ network, and assists in rapid response to eliminate those threats.
RELATED: Victoria-based cybersecurity startup Plurilock begins trading on TSXV
GoSecure claims the demand for such services is increasing, noting industry analysts that predict 50 percent of mid-market organizations will adopt MDR in the next five years.
GoSecure offers a behaviour-based, predictive detection and response platform.
The company has dual headquarters in Montreal (where it was founded in 2002) and La Jolla, California.
In 2018, the company was acquired by CounterTack, an American cybersecurity software firm. CounterTack later rebranded to GoSecure, and the CounterTack platform is still offered on GoSecure’s website. In August 2019, GoSecure acquired San Diego-based EdgeWave, which provided inbox detection and response services.
The startup claimed its growth was already accelerating prior to the COVID-19 pandemic and has continued as organizations adapt to an increasingly mobile workforce. When asked for details, Randall said the company could not release financial data but noted that GoSecure is growing “at the highest rate in company history.”
Image source Burst. Photo by Matthew Henry.