Field Effect secures $30M, eyes strategic acquisitions
by CM staff
Founded in 2016, Field Effect is focused on protecting small and mid-sized businesses from increasingly sophisticated cyberattacks.
OTTAWA — Field Effect, a global cybersecurity solutions and services provider with clients across the US, Canada, UK, and Australia has secured a $30 million debt facility for acquisitions and global expansion through Scotiabank’s Technology Innovation and Banking Group.
Founded in 2016, Field Effect is focused on protecting small and mid-sized businesses from increasingly sophisticated cyberattacks.
“We’ve invested nearly a decade perfecting our flagship cybersecurity solution, Covalence. Now it’s time to show the world great cybersecurity and build the type of brand awareness our solution deserves,” said Matt Holland, Founder and CEO of Field Effect. “For too long, small and mid-sized businesses and the managed service providers that support them have been stuck using inefficient, incomplete, and expensive cybersecurity tools. We are ferocious in our pursuit to get our holistic cybersecurity solution into the hands of those who need it most.”
Field Effect has been on a path to growth since closing its US$34.5 million Series A funding in late 2022, led by Edison Partners (Princeton, New Jersey). Bootstrapped from inception, Field Effect has focused primarily on product development prior to 2022. The combined funding will help the company transform from a high-growth startup to a renowned industry leader.
“Our practice supports innovative founders and companies with high-growth potential, and we’re continuously looking for business opportunities in this space,” said Karim Antonious, Managing Director of Scotiabank’s Technology Innovation and Banking Group. “We’re thrilled at every opportunity we have to help our clients across technology and innovation sectors meet, and exceed, their business potential.”
Cybersecurity is one of the fastest-growing industries and, despite the variety of tools on the market, over half of security leaders are not confident in the effectiveness of their defenses against common cyber threats. Unfortunately, small and mid-sized businesses often struggle more with cybersecurity, as they face the same attacks as large corporations but with less resources to put toward protection.
“Businesses shouldn’t be paying for a cybersecurity solution just to keep worrying whether their defense is strong enough,” said Holland. “We’re proud to say our clients sleep soundly.”
