📝 Flare raises $30M

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Montréal-based cybersecurity scaleup Flare has raised an additional $30 million USD, split evenly between equity and debt, to accelerate its global expansion, product innovation, and M&A strategy. The $15-million Series B extension was led by existing investors Inovia Capital, Base10 Partners, and White Star Capital, with another $15 million in debt financing from the Bank of Montréal. Founded in 2017, Flare helps organizations detect and mitigate online threats by scanning the open web and dark web for stolen credentials, leaked data, and other cyber risks. Now with customers in over 50 countries and 160% ARR growth over the past year, Flare says it’s capitalizing on growing demand in the threat exposure management (TEM) space, which it believes is the future of cybersecurity visibility. CEO Norman Menz called the raise “a pivotal moment” that allows Flare to expand internationally and pursue acquisitions while maintaining capital efficiency. With $55 million USD in total equity funding to date, Flare plans to strengthen its position as a leader in TEM, following its recent acquisition of U.S.-based Foretrace and the launch of its identity exposure management product, which helps organizations act on emerging threats before attackers can exploit them.

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