Halifax, Nova Scotia-based security intelligence company LifeRaft has raised a follow-on investment from Canadian Business Growth Fund. No financial terms were disclosed. CBGF first invested last year. LifeRaft in 2017 closed a Series A financing led by Mike Durland, head of Melancthon Capital.
April 13, 2021
LifeRaft, a security intelligence company headquartered in Halifax, Nova Scotia, announced today that it has received a follow-on investment from the Canadian Business Growth Fund (CBGF).
Since the initial investment in October 2020, LifeRaft has continued to scale their product offering and operations. LifeRaft has grown its revenue by more than 25% due to account expansion and new business. The company’s headcount has increased by 27% to support this growth and development.
“We are ecstatic about what we have been able to accomplish in such a short time with the guidance and support from CBGF,” says John Gallinaugh. “We look forward to continuing the strong partnership we’ve built and executing on our plans for further growth.”
“CBGF is proud to have backed John Gallinaugh and the LifeRaft team who have diligently executed their growth strategy since our initial investment,” explains George Rossolatos, CEO of CBGF. “We believe there are many opportunities ahead for the company as it continues to grow into a leading provider in its space. We are thrilled that LifeRaft is generating employment opportunities in Halifax and we look forward to partnering with other great management teams in the maritimes.”
The funds from this investment will be used for product development, sales, and marketing initiatives, and for working capital purposes. With the support of the investment, LifeRaft will continue to deliver critical technology to corporate security teams to strengthen their intelligence programs with leading edge product capabilities.
LifeRaft Inc. is a security intelligence company that enables enterprises to monitor and identify security threats and business risks from online sources. LifeRaft’s critical risk identification software, “Navigator”, provides an integrated suite of investigative features that can be used for crisis management, critical infrastructure monitoring, executive protection, facility security, fraud prevention, location monitoring, and threat detection. Headquartered in Halifax, Nova Scotia, the company specializes in providing proactive and real-time alerts that allows a company to protect its employees, customers and assets.
About Canadian Business Growth Fund
The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner businesses achieve their full potential. For companies seeking investment opportunities, please email us at email@example.com. To learn more, please visit us at www.cbgf.com.