Flare Secures $30M to Combat Info-Stealer Malware

Cybersecurity startup Flare, based in Montreal, has raised $30 million in a Series B funding round led by Base10 Partners, with contributions from Inovia Capital, White Star Capital, and Fonds de solidarité FTQ. Flare specializes in threat exposure management and has developed a novel Account and Session Takeover Prevention feature to address the rising threat of info-stealer malware. This technology seeks out compromised credentials on the dark web, preemptively resetting affected passwords, and also detects stolen session cookies. The recent surge in cyberattacks, highlighted by a massive breach involving Snowflake, underscores the urgency of Flare's innovations. Despite not disclosing financial details, CEO Norman Menz stated that the valuation post-Series B marks a 5.6-fold increase over its Series A. The cyber intelligence landscape has seen significant transactions, such as Recorded Future's sale to Mastercard for $2.65 billion, indicating lucrative opportunities in this sector. Flare, with a workforce of around 100 and a clientele spanning 250 entities across 40 countries, positions itself against major players like Mandiant, Palo Alto Networks, and Microsoft.