Cybersecurity software scaleup Flare has raised an additional $30 million USD to accelerate its international growth, product development, and acquisition strategy.
The funding combines a $15 million Series B extension led by Inovia Capital’s Growth Fund with participation from Base10 Partners and White Star Capital, alongside $15 million in debt financing from the Bank of Montréal.
The latest round, closed in September, follows Flare’s $30 million Series B raise last year and brings its total equity funding to $55 million USD. Since then, the company has expanded into more than 50 countries, opened operations in the UK, and more than doubled its business across Europe, the Middle East, and Africa (EMEA). Flare reports 160% growth in annual recurring revenue over the past year.
“We believe this is a pivotal moment in the cybersecurity market,” said Norman Menz, CEO of Flare. “Raising additional capital now allows us to capitalize on significant growth opportunities, particularly as we expand into new regions and deepen our presence in EMEA and beyond.”
Menz described the structure — a mix of debt and equity — as a way to “balance innovation and expansion with capital efficiency.” While valuation details weren’t disclosed, he confirmed the round was an up round.
Expanding the reach of threat exposure management
Founded in 2017, the startup helps organizations detect and mitigate online threats by automatically scanning the open internet and dark web for risks such as stolen credentials, leaked data, or emerging cybercrime activity. Its platform leverages an expansive dataset — including darknet marketplaces, leak sites, and private Telegram channels — to deliver real-time threat exposure insights.
Initially built for financial institutions, the platform now serves clients across government, healthcare, pharma, and tech sectors. The company’s recent identity exposure management launch extends its capabilities, enabling organizations to track and mitigate employee identity risks “before attackers can exploit them.”
“We believe multiple external cybersecurity use cases — from threat intelligence to digital risk protection — are converging under threat exposure management (TEM),” Menz said. “This is an important milestone as we continue shaping that category.”
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Positioning for strategic growth
Inovia partner Hugues Lalancette said the firm views Flare as “uniquely positioned to define the future of TEM.” The fresh capital will fuel further product innovation, strategic M&A, and continued international expansion, following Flare’s 2023 acquisition of US-based cyber intelligence firm Foretrace.
With a 120-person team and growing global footprint, Flare aims to consolidate its position as a leading player in next-generation cybersecurity — where automation, data visibility, and speed define resilience.
About Flare
Founded in 2017 and headquartered in Montréal, Flare provides automated threat exposure management software that helps organizations detect, prioritize, and mitigate cyber risks across the open, deep, and dark web. Serving clients in over 50 countries, Flare enables security teams to identify vulnerabilities before attackers do — combining intelligence, automation, and actionable insights to stay ahead of evolving threats.
