Flare Systems secures $3M Series A add-on funding

CPE News (11.30.2022) – Flare Systems has raised $3 million in additional Series A funding from Fonds de solidarité FTQ and Theodorus, bringing total funding raised in 2022 to $12.5 million.

In June 2022, Flare raised $9.5 million Series A Round led by Inovia Capital with participation from seed investors White Star Capital and Luge Capital.

Founded by CTO Mathieu Lavoie, Chief Architect Israël Hallé, CPO Yohan Trépanier, and led by CEO Norman Menz, Montréal based Flare is a leading Digital Footprint Monitoring provider. Flare enables organizations to protect their data, financial resources, and reputation by continuously monitoring threats caused by human error and malicious actors.

photo credit: Flare Systems, Luge Capital

News Release

The Fonds de solidarité FTQ and Theodorus Join Flare’s Community of Investors

MONTRÉAL, Nov. 30, 2022 /CNW Telbec/ – Flare is excited to announce that the Fonds de solidarité FTQ and Theodorus have chosen to join Inovia, Whitestar Capital, and Luge Capital following their successful Series A Round which closed in June of 2022. This partnership will help take Flare to the next level and continue to accelerate their rapid expansion into North American and Global Markets. This decision demonstrates the continued high level of institutional investment interest in Flare’s approach to democratizing cybersecurity for the mid-market and brings Flare’s total fundraising for 2022 to 12.5M CAD.

Flare is a proactive digital footprint monitoring solution for organizations. Their AI-driven technology constantly scans the online world, including the dark and clear web, to discover unknown events, automatically prioritize risks, and deliver actionable intelligence you can use instantly to improve security.

“We believe that this additional investment demonstrates an exceptional level of confidence in Flare’s roadmap, vision, and team, and we couldn’t be more excited to welcome the Fonds de solidarité FTQ and Theodorus as Flare partners. We appreciate the Fonds’ continued support of the Quebec cybersecurity ecosystem, and we look forward to working with Theodorus to leverage their team’s experience in European expansion,” said Norman Menz, Flare CEO.

”When we saw Flare, we already knew that it was a company with a high potential. Their vision and their latest technological advances make Flare an ideal company to provide IT security for businesses. The Fonds is proud to support Flare’s growth and we’ll be always here to help and advise the company to reach the next steps,” said Philippe P. Huneault, Vice-President, Private Equity and Impact Investing – Technology and Fund Management, and Chief International Business Development Officer at the Fonds de solidarité FTQ.

“What Flare has managed to achieve both in terms of product development and market traction so far with very limited resources is an example of what a successful bootstrapped start-up should be! On top of being recognized as a leader in the external cybersecurity market, Flare’s management team has decades of exit-led track-record in the global CyberTech space. We see strong synergies in joining forces to help Flare further penetrate the HealthTech and financial markets, especially with our pan-European network,” said Theo Risopoulos, Principal at Theodorus.

About Flare

Flare is a leading Digital Footprint Monitoring provider based in Montreal, Canada. Founded in 2017, Flare enables organizations to protect their data, financial resources, and reputation by continuously monitoring threats caused by human error and malicious actors. Our technology improves visibility, enhances transparency and reduces mean-time-to-remediation (MTTR) by detecting and prioritizing data leaks and other cyber risks.

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 748,371 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.4 billion in net assets as at May 31, 2022, the Fonds supported 3,620 partner companies and 296,927 jobs.

About Theodorus

Theodorus is a venture capital fund dedicated to early-stage tech investments. It invests mostly in Healthtech & AI companies with strong proprietary technologies. Besides its financing role, Theodorus also plays an active role in the development of its portfolio companies, guiding the company towards its success. Today, Theodorus holds 70M€ (100 M$ CAD) of assets under management, which helped fund >40 companies and create >700 M€ in value. Theodorus has offices in Montreal and Brussels.

SOURCE Fonds de solidarité FTQ

For further information: Press contact: Frédérique Lavoie-Gamache, Advisor, Media Relations, Fonds de solidarité FTQ, Phone: 438 364-1596, Email: frederique.lavoie@fondsftq.com; Eric Clay, Director of Marketing, Flare, 703-220-4915, eric.clay@flare.systems