Field Effect upsizes growth equity financing to US$34.5M

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Dec 09, 2022, 09:30 ET

U.S. and Canadian investments from Edison Partners and Round13 Growth Fund will spark opportunities for the cybersecurity company.

OTTAWA, ON, Dec. 9, 2022 /PRNewswire/ - Field Effect, a global cybersecurity SaaS ("software as a service") company, today announced the conclusion of its funding round, raising a total of US$34.5 million from Edison Partners, a prominent U.S. growth equity investment firm, and Round13 Growth Fund, a highly respected, late-stage Canadian growth equity investment fund.

"We are thrilled to be working with Edison Partners and Round13 Growth Fund as we continue to evolve our cybersecurity solutions," said Matt Holland, Field Effect's co-founder and CEO.

Field Effect was founded to address the cybersecurity needs of the underserved small and medium enterprise (SME) market. Most security tools were built with large enterprises in mind, requiring both huge budgets and deep security expertise to manage.

"Field Effect offers a holistic cybersecurity platform purpose-built for the underserviced SMB market. SMBs face a similar volume of cyber-attacks as Fortune 1000 companies but lack the resources to make comparable investments in cyber and the on-staff expertise. Field Effect's software solution protects against multiple threat vectors at a price SMBs cannot resist. Edison Partners is thrilled to have a firm with the expertise of Round13 Growth join this journey." said Lenard Marcus, general partner of Edison Partners who led the investment and joined the company's board of directors.

Field Effect Covalence® monitors, detects, and actively responds to cyber threats across endpoints, cloud services, and networks. Field Effect Cyber Range® is a simulation-based cybersecurity training platform used to grow individual skills, rehearse incident response, and train teams. Businesses of all sizes rely on Field Effect's solutions to enhance their cybersecurity posture.

"The shift to remote work along with the increase in cyberattack sophistication has created a new set of cybersecurity challenges for SMEs which Field Effect is uniquely positioned to help solve," said Alex Yanitsky, general partner at Round13 Growth Fund. "We are extremely impressed by Matt and his team and believe that Field Effect can become the leading provider of cybersecurity software to SMEs."

Field Effect also provides professional services, including incident response and planning, to support businesses with all their cybersecurity needs. "Everything we do, all the solutions and services we offer, are grounded in our mission of securing every company worldwide," said Holland. "With this funding and the support of our new investors, we are closer than ever to reaching this goal."

ABOUT EDISON PARTNERS

Edison Partners is a leading growth equity firm providing the financial and intellectual capital that CEOs and their executive teams need to grow and scale their companies. The firm's team brings more than 275 years of combined investing, operating and sector experience to each investment, accessible via the Edison Edge value creation platform, which is tailored to each business' strategy, stage and operating needs. Edison targets high-growth financial technology, healthcare IT and vertical SaaS and marketplace companies located outside Silicon Valley with $10 million to $30 million in revenue. Investments also include buyouts, recapitalizations, spinouts, and secondary stock purchases. Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners manages $1.6 billion in assets. For more information on Edison Partners, please visit edisonpartners.com and follow on LinkedIn.

ABOUT ROUND13 GROWTH FUND

Round13 Growth Fund is a Toronto-based, late-stage growth equity fund supporting a wide range of tech-enabled businesses in Canada. Round13 Growth Fund uniquely leverages deep strategic relationships, decades of capital markets expertise together with a strong track record of value added growth equity investing with a hands-on approach. For additional information, visit round13.com.

ABOUT FIELD EFFECT

Field Effect, a global cybersecurity company, is revolutionizing the industry by bringing advanced cybersecurity solutions and services to businesses of all sizes. After years of research and development by the brightest in the business, we have pioneered a holistic approach to cybersecurity. Our complete Managed Detection and Response (MDR) solution, flexible simulation-based training platform, and expert-led professional services form a unified defense that results in superior security, less complexity, and immediate value. We build solutions that are sophisticated, yet easy to use and manage, so every business owner can get the hands-free cyber security they expect and the sleep-filled nights they deserve. For more information about Field Effect: https://fieldeffect.com/

SOURCE Field Effect