Montréal cybersecurity firm Flare has secured an additional $30 million USD to support global expansion, product innovation, and M&A initiatives. The round includes $15 million in new equity financing led by Inovia Capital’s Growth Fund with participation from Base10 Partners and White Star Capital, plus $15 million in debt from the Bank of Montréal.
Founded in 2017, Flare develops software that monitors cyber threats across the dark web and digital platforms. CEO Norman Menz said the company’s recurring revenue grew 160 percent year-over-year. The scaleup now serves clients in over 50 countries and employs 120 people globally.
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