TLDR:
- Protexxa, a cybersecurity startup, closed a $10 million CAD Series A round, led by a private family office.
- Founded by CEO Claudette McGowan, Protexxa aims to use the funding to expand its platform and sales/marketing teams.
Canadian cybersecurity startup Protexxa, based in Toronto, has announced the successful closure of its $10 million CAD Series A round, marking a significant milestone in the Canadian tech industry. The funding was led by a private family office and included participation from Bell Ventures, Sandpiper Ventures, EDC, BKR Capital, The Firehood Angels, and Graphite Ventures. This new capital will be used to enhance Protexxa’s platform and grow its sales and marketing teams. Protexxa plans to announce two new board members in August. The company, founded by CEO Claudette McGowan in 2021, previously secured a $4 million CAD seed round in October 2022, which was the largest funding round for a Black woman in Canada at the time.
McGowan, a prominent figure in Canadian tech, has a background in cybersecurity and has been recognized for her contributions to the industry. As Protexxa looks to expand into global markets, particularly the United States, where there is already demand for its services among financial, telecommunications, and healthcare institutions, the company aims to provide business-to-business software-as-a-service solutions that focus on improving cyber hygiene and reducing business risk. The company’s AI-powered platform, Protexxa Defender, offers companies and employees a cyber health score and supports them in making security improvements, such as identifying exposed passwords and removing online images. In the event of cyber attacks, Protexxa also provides tailored incident response plans to assist customers.
Protexxa’s successful Series A round comes at a time of increased focus on cybersecurity following a recent worldwide disruption caused by a faulty software update from another cybersecurity firm. With a total of $15 million CAD raised to date, Protexxa is well-positioned to continue its growth and make a significant impact in the cybersecurity sector. McGowan’s leadership and commitment to innovation, as well as her involvement in initiatives such as the Coalition of Innovation Leaders Against Racism (CILAR) and the launch of Phoenix Fire, highlight her dedication to driving positive change within the industry.
