Cybersecurity SaaS platform Field Effect raises $34.5m in growth round

The round was backed by Edison Partners and Round 13 Capital's Round13 Growth Fund.

  • The financing builds on the company’s closing of $30 million Series A financing, announced in October
  • Field Effect was founded in 2020 to address the cybersecurity needs of the underserved small and medium-sized enterprise market
  • Round13 Growth Fund is a late-stage vehicle supporting a wide range of technology-enabled businesses in Canada

Field Effect, an Ottawa-based cybersecurity software-as-a-service platform, has collected $34.5 million in additional financing. The round was backed by Edison Partners and Round 13 Capital’s Round13 Growth Fund.

The financing builds on the company’s closing of $30 million Series A financing, announced in October. Edison led that round, while participating investors were not identified.

Field Effect was founded in 2020 to address the cybersecurity needs of the underserved small and medium-sized enterprise market. Most security tools were built with large enterprises in mind, requiring both huge budgets and deep security expertise to manage, the company said. It is led by CEO Matt Holland.

Field Effect’s flagship product, Covalence, monitors, detects, and actively responds to cyber threats across endpoints, cloud services, and networks. Its Cyber Range is a simulation-based cybersecurity training platform used to grow individual skills, rehearse incident response, and train teams.

“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, who led the investment and joined the company’s board of directors.

Based in Princeton, New Jersey, Edison Partners is a growth equity firm. It targets financial technology, healthcare IT and vertical SaaS and marketplace companies located outside Silicon Valley with $10 million to $30 million in revenue.

Based in Toronto, Round 13 Capital is a growth equity and venture capital firm. Round13 Growth Fund is a late-stage vehicle supporting a wide range of technology-enabled businesses in Canada.