MSSP Funding: ForgePoint Capital Invests In SolCyber
SolCyber, positioned as a next-generation MSSP, has emerged from stealth mode and raised $20 million in a Series A financing round led by venture capital firm ForgePoint Capital.
Investor ForgePoint is very familiar with the MSSP, MDR (managed detection and response) and security-minded MSP markets. Indeed, ForgePoint also is an early investor in Huntress — the threat hunting and MDR service provider that supports MSPs in the SMB sector.
SolCyber will use the funding to extend its technology offerings, build mid-market awareness and drive customer growth, the MSSP said. It also expects to expand its team from 12 to 20 employees by the end of 2021.
SolCyber’s technology stack offers the following security capabilities:
- Active Directory and administrator exploitation protection
- Email security
- Endpoint detection and response (EDR)
- Lateral movement detection
Initial partnerships include Huntress, Cysiv, Area 1 and Right-Hand Cybersecurity.
A Closer Look at SolCyber’s Leadership Team
SolCyber is led by an experienced team of cybersecurity and channel experts, including:
- CEO Scott McCrady, the former CRO of Ubiq Security, which specializes in encryption technology for developers.
- CTO David Emerson, who previously served as chief information technology and security officer at secure access solutions provider AppGate.
- Head of Product Management Charles Ho, who has held leadership roles at Ubiq, SonicWall, FireEye and Symantec.
Going forward, SolCyber will provide a “modern and secure MSSP for the mid-market,” McCrady said. SolCyber also will explore ways to provide organizations with solutions to help them improve their security posture via an easy-to-consume managed security services model.
MSSP and MDR Funding, Mergers and Acquisitions
Meanwhile, investment activity in the MSSP market remains strong. From venture capital to private equity and strategic M&A, new deals surface regularly.
Indeed, MSSPs that have raised funding include BlueVoyant, Digital Hands, Expel, Haven Funding, ReliaQuest. Also, we’ve tracked more than 60 MSSP M&A deals from 2019 through July 2021.
Similarly, MDR (managed detection and response) service providers have been active in financial markets. Funding in the MDR sector has involved Arctic Wolf, Blackpoint Cyber, CI Security, Go Secure, Huntress and Red Canary, among others.