Montreal-based IT startup GoSecure has raised an additional US$ 14M for its Series E round, led by W Investments Group, bringing the total amount raised in this round to US$ 35M.
John Randall, senior vice president of product management at GoSecure also reported that there were other participants in the funding round but did not reveal their names. The latest investment brings GoSecure’s Series E funding round to an end. GoSecure closed initial funding for its Series E investment in June where it had secured US$ 21M. That investment was led by Yaletown Ventures and included participation from Bank of Montreal, SAP/NS2 and Razor’s Edge.
Proceeds from the funding round will be utilized by the startup to develop its sales, marketing and engineering efforts.
Founded in 2002 by Alen Capalik and Stan Eramia, GoSecure has developed cybersecurity managed detection and response (MDR) software platform. MDR refers to a type of cybersecurity service that detects malware and malicious activity in an enterprises’ network and helps in quick response to remove those threats. The startup claims the demand for such services is growing, observing industry analysts that have forecasted that 50 percent of mid-market organizations will adopt MDR in the next 5 years.
GoSecure’s behavior-based, predictive detection and response platform was acquired by CounterTack, an American cybersecurity software firm. CounterTack later renamed itself GoSecure, and the CounterTack platform is still offered on GoSecure’s website. In August 2019, GoSecure acquired San Diego-based EdgeWave, which delivered inbox detection and response services. The startup has dual headquarters in Montreal, where it was initially founded and La Jolla, California.
GoSecure also reported that its growth was already increasing before the COVID-19 pandemic and has continued as enterprises become accustomed to an increasingly mobile workforce. John Randall refused to divulge details related to its finances stating that the startup could not release financial data but claimed that GoSecure is growing at the highest rate in company history.
About W Investments Group
W Investments Group LP is a Quebec investment fund working meticulously with a network of seasoned entrepreneurs. This association enables W Investments Group LP to benefit from their expertise, their opportunities and their networks, thereby improving portfolio performance while reducing risk. The fund’s aim is to build a diversified platform that reflects aggressive, yet robust, wealth management with an enduring investment horizon. It seeks to invest in private companies, real estate or infrastructure projects, fixed income products and alternative investments.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Story
[…] GoSecure bags additional US$ 14M in Series E funding round […]