Flare, a Canadian cybersecurity company specialising in TEM, has raised $30m in fresh funding to accelerate product development and strategic acquisitions.
The new capital includes a $15m Series B extension led by Inovia Capital’s Growth Fund, with participation from existing investors Base10 Partners and White Star Capital. The round also features $15m in debt financing from BMO, bringing Flare’s total funding to $60m over the past year.
Flare’s TEM platform helps organisations proactively identify, assess, and manage digital risks across external threat landscapes. The company’s core offering, Identity Exposure Management, enables security teams to reduce the risks associated with compromised credentials and account takeovers.
The new investment will be used to strengthen Flare’s leadership in the TEM space, with a focus on enhancing its identity-focused integrations and exploring mergers and acquisitions. The company aims to expand its platform capabilities to meet increasing demand for proactive cybersecurity solutions globally.
Flare CEO Norman Menz said, “Securing this additional capital marks an important milestone for Flare as we fast-track development and expand our leadership in the TEM space. We believe multiple external cybersecurity use cases—ranging from traditional threat intelligence to digital risk protection and exposure validation—are converging under TEM. This investment will fuel continued product development and enable strategic acquisitions that strengthen our ability to deliver exceptional security outcomes for our customers.”
Flare has been expanding rapidly, achieving 136% year-over-year growth in the EMEA region and now serving customers and partners across more than 50 countries. Its innovations have been recognised in a recent Forrester Total Economic Impact study, which reported a 25% reduction in the likelihood of a severe breach and $167,000 in annual quantified labour benefits for customers.
Inovia Capital partner Hugues Lalancette said, “Flare is uniquely positioned to shape the future of TEM. The company’s execution and momentum speak for themselves, and we’re excited to support a team that continues to push the boundaries of how cybersecurity intelligence is delivered, helping organisations stay ahead of evolving risks.”
BMO senior director of technology banking – growth & innovation Jonathan Larose added, “Flare represents one of Canada’s emerging technology success stories. The company’s growth trajectory and commitment to innovation highlight the strength of Canada’s cybersecurity ecosystem. We’re proud to support Flare as it scales globally and continues to showcase the kind of world-class innovation that Canada can bring to the international stage.”
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