Sendmarc, which fights cybercrime, has raised $7 million in Series A funding led by Atlantica Ventures.
Individuals and businesses are using Sendmarc to combat email impersonation. The company offers tools for implementing, monitoring, and maintaining global email and domain security practices.
Other investors who participated in the Series A round were Allan Gray, E-Squared Ventures, Fireball Capital, Endeavor Catalyst, 4Di Capital, Endeavor Harvest, Alpha Private Capital, and Kalon Venture Partners.
Founded in 2020 by Sam Hutchinson, Keith Thompson, and Sacha Matulovich, Sendmarc has raised $8.5 million since its inception.
The company’s go-to-market features assist its global partners in distributing its product, which is a volume game. Sendmarc intends to serve up to 100,000 customers over the next five years, as the company considers expanding its product suite to include additional impersonation protection features.
So far, it has over 1,000 paying customers, including South African stock exchanges, law firms such as Bowmans, insurance companies, tech startups, banks, and law enforcement agencies from North America, Europe, Australia, South Africa, and Latin America, with 80% based in South Africa and the rest distributed globally. These clients pay monthly subscription fees ranging from $49 to $119, depending on the size of the company, generating over $2 million in ARR for the two-year-old startup by 2021.
Sendmarc has offices in the Netherlands, Argentina, and Canada, and targets increasing its sales team across Africa, the U.S., Europe and Latin America with the current investment.
The cybersecurity company will continually enhance its tactics to curb email and domain insecurity which is critical in protecting companies and users from the harmful effects of email impersonation across these markets.