Flare

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.

Want to know more? Check out the source code on BetaKit.

Montréal-based Flare has raised $30 million USD to expand its AI-driven cybersecurity software across North America and Europe. Led by Base10 Partners, with backing from Fonds de solidarité FTQ and returning investors, the funding will scale Flare’s threat monitoring platform and grow its 100-person team.

Flare’s software detects leaked credentials and dark web activity, using AI to proactively reset passwords and alert security teams. CEO Norman Menz highlighted its effectiveness, claiming a 98% accuracy rate in identifying cyber threats. Founded in 2017, Flare’s solutions now serve sectors beyond finance, including health, tech, and pharmaceuticals.

Want to know more? Check out the source code on BetaKit.