* Please note that, since this release, Covalence has been renamed Field Effect MDR.
Field Effect, a global cybersecurity solutions and services provider with clients across the US, Canada, UK, and Australia, has secured a $30 million debt facility for strategic acquisitions and global expansion through Scotiabank's Technology Innovation and Banking Group.
Founded in 2016 by former intelligence experts, Field Effect remains laser-focused on protecting small and mid-sized businesses around the world from increasingly sophisticated cyberattacks.
"We've invested nearly a decade perfecting our flagship cybersecurity solution, Covalence. Now it's time to show the world great cybersecurity and build the type of brand awareness our solution deserves," said Matt Holland, Founder and CEO of Field Effect. "For too long, small and mid-sized businesses and the managed service providers that support them have been stuck using inefficient, incomplete, and expensive cybersecurity tools. We are ferocious in our pursuit to get our holistic cybersecurity solution into the hands of those who need it most."
Field Effect has been on a rapid path to growth since closing its US$34.5 million Series A funding in late 2022, led by Edison Partners (Princeton, New Jersey). Bootstrapped from inception, Field Effect has focused primarily on product development prior to 2022. The combined funding will help the company transform from a high-growth startup to a renowned industry leader.
"Our practice supports innovative founders and companies with high-growth potential, and we're continuously looking for business opportunities in this space," said Karim Antonious, Managing Director of Scotiabank's Technology Innovation and Banking Group. "We're thrilled at every opportunity we have to help our clients across technology and innovation sectors meet, and exceed, their business potential."
Cybersecurity is one of the fastest-growing industries and, despite the variety of tools on the market, over half of security leaders are not confident in the effectiveness of their defenses against common cyber threats. Unfortunately, small and mid-sized businesses often struggle more with cybersecurity, as they face the same attacks as large corporations but with less resources to put toward protection.
"Businesses shouldn't be paying for a cybersecurity solution just to keep worrying whether their defense is strong enough," said Holland. "We're proud to say our clients sleep soundly."
About Field Effect
Field Effect, a global cybersecurity company, is revolutionizing the industry by bringing advanced cybersecurity solutions and services to businesses of all sizes. After years of research and development by the brightest in the business, we pioneered a holistic approach to cybersecurity. Our complete Managed Detection and Response (MDR) solution, flexible simulation-based training platform, and expert-led professional services form a unified defense that results in superior security, less complexity, and immediate value. We build solutions that are sophisticated, yet easy to use and manage, so every business owner can get the hands-free cybersecurity they expect and the sleep-filled nights they deserve.
