Field Effect Upsizes Growth Equity Financing To US $34.5 Million

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

Field Effect, a global cybersecurity SaaS (“software as a service”) company, 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.

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“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.

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“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.”