Cybersecurity company Corsa Security has just picked up $11m in a new funding round led by Roadmap Capital, the venture capital firm.
On the back of this raise, the Ottawa-based firm has voiced its ambition to grow its turnkey security virtualisation platform.
However, despite the growth in the cybersecurity space over the course of the last six years that saw it pick up 36.9% of the total global RegTech funding in the first six months of 2019, Eduardo Cervantes, CEO and board chair at Corsa Security, was surprised by the response when the firm started looking for new investors.
“When we announced our new strategic direction earlier this year, we did not expect to receive such an overwhelming response to our approach for scaling network security,” said Cervantes. “At the time, we were very confident that we could truly revolutionise network security, but now security heavyweights from Fortinet to Palo Alto Networks are on board and we have received industry recognition from TAG Cyber and the Open Cybersecurity Alliance. This additional investment affirms that our investors recognise the opportunity before us and want to ensure we have the funding needed to build on this momentum, now.”
Hugh Cleland, co-founder and principal at Roadmap Capital, added, “We have seen Corsa hit a number of key milestones, from partnerships to industry accolades, in a very short period of time. With the network security industry continuing to grow quickly, we feel now is the time to invest additional funds to accelerate the pace of Corsa’s growth. We are thrilled to support them as they revolutionize network security with their turnkey virtualization approach and subscription model that is being embraced by large enterprises globally.”