Flare raised $30 million to fight info-stealers threatening your data

In 2024, the rise of info-stealer malware made cybercrime significantly easier, allowing hackers to log in using stolen credentials rather than exploiting network vulnerabilities. This change was highlighted in a report by IBM's X-Force Intelligence, which noted a dramatic 266% increase in the use of info-stealer malware compared to 2023. One of the most notable incidents was the compromise of Snowflake customers' accounts, marking it as one of the largest and most publicized events of its kind. Flare, a Montreal-based threat exposure management startup founded in 2017, aims to address these challenges with its advanced Account and Session Takeover Prevention feature. This service monitors dark web activity for compromised login information, taking proactive measures by resetting passwords before attackers can gain access to the affected accounts. Additionally, Flare monitors stolen session cookies that might allow unauthorized access to computers believing they are dealing with legitimate users. Flare's solution is uniquely positioned to cater to the needs of small to mid-sized businesses, recognizing that these organizations are often the most vulnerable to cybercrime. By focusing not only on traditional dark web sources but also on platforms like Telegram, which are increasingly being used for communication and transaction by cybercriminals, the company has established a broad threat intelligence network. CEO Norman Menz emphasized that despite no breach occurring on the Snowflake platform, their services are crucial for preventing future incidents fueled by info-stealers. Recently, Flare announced a $30 million Series B funding round led by Base10 Partners with additional contributions from Inovia Capital, White Star Capital, and Fonds de solidarité FTQ, signifying a substantial increase in valuation—5.6 times since their previous round. This increase is indicative of the rising importance of cybersecurity solutions in light of the escalating threats faced by businesses today. With about 100 employees and more than 250 customers across over 40 countries, Flare is expanding its capabilities to protect businesses against the changing landscape of cyber threats. The increasing availability of stolen credentials on the dark web and incidents like the Snowflake breach demonstrate the urgent need for comprehensive cybersecurity solutions. As cybercriminals evolve their tactics, companies like Flare provide a critical line of defense to help organizations understand and combat these emerging threats effectively.