Flare Raises a CAD$9.5 Million Series A Round to Democratize Cybersecurity

MONTREAL, June 9, 2022 /PRNewswire/ - Flare, the leader in digital footprint monitoring, announced a CAD$9.5 million Series A Round led by Inovia Capital with participation from White Star Capital and Luge Capital.

Flare's Series A Round will be used to fund a rapid expansion. "Our partnership will propel Flare to the next phase of growth and enable us to deliver on an ambitious roadmap to democratize cybersecurity and empower the mid-enterprise to effectively manage the external threat landscape." said Flare CEO, Norman Menz, "We're thrilled to join the Inovia family and work with their team of operators and visionaries."

''We're excited to invest in a top of mind and dynamic cybersecurity market alongside a top-notch management team with extensive domain expertise.'', said Taha Mubashir, Principal at Inovia. "We look forward to supporting the next phase of Flare's journey as they pursue their mission to protect digital assets."

Flare's digital footprint monitoring software enables organizations to proactively monitor the dark and clear web for data leaks, credential theft, and cybercrime. The SaaS platform enables seamless cyber risk monitoring across billions of data points, and is used by leading companies around the world to quickly identify external risks, understand their attack surface, and cut down incident response from weeks to minutes.

"Mid-sized organizations are struggling to effectively manage their external risk posture due to a rise in accidental data leakage and targeted cyberattacks.'' said Mathieu Lavoie, Flare's CTO and Co-Founder. ''Flare provides a comprehensive view of an organization's external data exposure, enabling them to proactively remediate security issues with contextualized and prioritized insights."

Flare offers a frictionless way to immediately discover the value of external monitoring through one of the first full featured free trials in the Digital Risk Protection space. It has recently begun an aggressive expansion into the U.S. market and is powered by a rapidly growing team of 40+ people passionate about helping organizations combat data leaks, account takeover, and cybercrime.

About Inovia Capital

Inovia Capital is a venture capital firm that partners with founders to build impactful and enduring global companies. The team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over US$2.2B with operations in Montreal, Toronto, Calgary, San Francisco, and London. For more information, visit inovia.vc.

About Flare

Flare is a leading Digital Footprint Monitoring provider based in Montreal, Canada. Founded in 2017, Flare enables organizations to protect their data, financial resources, and reputation by continuously monitoring threats caused by human error and malicious actors. Our technology improves visibility, enhances transparency and reduces mean-time-to-remediation (MTTR) by detecting and prioritizing data leaks and other cyber risks.

SOURCE Flare