Today, we announced our Series B extension of $15 million, led by Inovia Capital’s Growth Fund, with participation from existing investors Base10 Partners and White Star Capital. It also includes $15 million in debt financing from BMO. This brings Flare’s total funding to $60 million over the past year.
We’re proud to have seen triple-digit growth, and this funding will progress our Identity Exposure Management capabilities in the Threat Exposure Management (TEM) platform, and allow us to seek strategic M&A opportunities.
“Securing this additional capital marks an important milestone for Flare as we fast-track development and expand our leadership in the TEM space,” said Norman Menz, CEO of Flare. “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.”
Continuously Innovating on TEM
With this new capital, we can double down on product innovation, especially around Identity Exposure Management, a key capability for security teams seeking to reduce the risks of compromised credentials and account takeovers.
Our identity-focused integrations launched this year help customers validate and remediate exposed credentials faster across dark web and cybercrime channels. These innovations were highlighted as key value drivers in the recent Forrester Total Economic Impact (TEI) study, which found that our customers experienced:
- A 25% reduction in the likelihood of a severe breach
- $167,000 in annual quantified labor benefits
“Flare is uniquely positioned to shape the future of TEM,” said Hugues Lalancette, Inovia Capital Partner. “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 organizations stay ahead of evolving risks.”
Meeting Global Demand for a Proactive, Scalable Approach to TEM
Our growth also reflects our global reach. In 2025, we expanded to support customers and partners in over 50 countries and achieved 136% year-over-year growth in EMEA, fueled by our teammates in the UK.
We’re excited by this global momentum that reflects the strength of our TEM platform.
Hugues Lalancette, Partner at Inovia Capital, 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.”
Building on Canada’s Cybersecurity Leadership
Flare’s success is also a testament to the strength of the Canadian cybersecurity ecosystem. With support from BMO’s Growth & Innovation group, we are scaling rapidly.
Jonathan Larose, Senior Director – Technology Banking – Growth & Innovation at BMO, shared, “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.”
About Flare
Flare is the leader in Threat Exposure Management, helping organizations of all sizes detect high-risk exposures found on the clear and dark web. Combining the industry’s best cybercrime database with a ridiculously intuitive user experience, Flare enables customers to reclaim the information advantage and get ahead of threat actors.
Flare integrates into your security program in 30 minutes and often replaces several SaaS and open source tools. See what external threats are exposed for your organization by signing up for our free trial.
