Fighting against cybercrime, Sendmarc has raised $7 million in Series A funding led by Atlantica Ventures.
Sendmarc is tackling the issue of email impersonation among individuals and businesses. The startup provides tools that implement, monitor and maintain 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 support its partners worldwide who help distribute its product which is a volume game. Sendmarc plans to serve up to 100,000 customers in the next five years as the company might expand its product suite to include other 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 across North America, Europe, Australia, South Africa, and Latin America, with 80% based in South Africa, and others spread globally. These clients pay subscription fees between $49 and $119 monthly, depending on the company size, thus generating over $2 million in ARR for the two-year-old startup since 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.