South African cybersecurity startup Sendmarc has announced that it has raised $7 million in Series A funding to offer businesses protection from email phishing attacks and impersonation.
The Johannesburg-based startup was founded in 2020 by CEO Sam Hutchinson, Keith Thompson and Sacha Matulovich, and uses proprietary technology to protect domains against spoofing.
“What we do differently, unlike our competitors, is that we have built a product focusing on go-to-market features. Let’s use this example: say you devised a vaccine to solve a virus. Everyone agrees it works. And now there are, let’s say, ten vaccine manufacturers. The problem isn’t the vaccine manufacturing; it is the distribution to millions who need it,” Matulovich told TechCrunch.
The startup claims to have over 1,000 paying customers across North America, Europe, Australia, South Africa, and Latin America who pay monthly subscription fees of between $49 and $119. From those, it has generated over $2 million in annual revenue run rate (ARR).
Investors in the startup’s latest round include Atlantica Ventures, Allan Gray, E-Squared Ventures, Fireball Capital, Endeavor Catalyst, 4Di Capital, Endeavor Harvest, Alpha Private Capital, and Kalon Venture Partners. So far, it has raised $8.5 million in funding.
According to TechCrunch, Sendmarc plans to serve upwards of 100,000 customers in the next five years with the possibility of the company expanding its product offering to include other impersonation protection features.