Cavelo, a Canadian cybersecurity company specialising in attack surface management solutions for managed service providers (MSPs) and managed security service providers (MSSPs), has announced a C$5m seed extension round.
The investment was led by Inovia Capital, a Canadian-rooted venture capital firm focused on sustainable global tech.
Existing investors in Cavelo include Graphite Ventures, MaRS Investment Accelerator Fund, and a group of strategic angel investors.
Cavelo provides a consolidated platform for attack surface management tailored specifically for the channel community. Its technology helps MSPs, MSSPs, and value-added resellers (VARs) identify sensitive data, manage access, and assess vulnerabilities, enabling them to offer measurable improvements in cybersecurity posture to their customers.
The new funding will be used to accelerate Cavelo’s product development and expand its sales and marketing capabilities in response to growing customer demand.
Founded in 2021, Cavelo has quickly gained traction in the North American market. In 2024, it was recognised as both a Challenger and Outperformer in GigaOm’s third annual Attack Surface Management Radar Report. In 2025, it won a CIX Startup Award in the Early Category and was named a leader in Channel Program’s Data Discovery and Classification category.
Cavelo CEO James Mignacca said, “Cavelo’s growth over the past year has been nothing short of incredible, driven by our strategic pivot to a 100% channel-first model. We’re meeting the moment for MSPs and MSSPs who are hungry for new ways to deliver meaningful risk reduction to their customers.
“Our platform is redefining data security posture management—giving service providers the visibility they need to understand and act on their customers’ risk exposure, while empowering end customers with real, measurable improvements to their security posture. This funding fuels our continued momentum and strengthens our commitment to our partners and their success
Inovia Capital principal Taha Mubashir said, “Since our initial investment in Cavelo in 2023, we’ve been consistently impressed by the team’s ability to execute and deliver value-added products tailored to the needs of MSPs and MSSPs.
“In today’s rapidly evolving threat landscape, MSPs and MSSPs play an increasingly critical role in securing modern businesses. Cavelo’s platform empowers them to strengthen their security offerings and reduce risk for their end customers. We’re excited to deepen our partnership with Cavelo as they enter their next phase of growth.”
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