Sendmarc, a Johannesburg-based cybersecurity company, has raised $7 million in Series A funding led by Atlantica Ventures and participation from other venture capital firms.
The company was founded in 2020 by Sam Hutchinson, Keith Thompson, and Sacha Matulovich with the goal of solving email impersonation issues faced by their former clients.
With over 90% of cybercrime activities that lead to financial fraud or identity theft starting with email impersonation, Sendmarc helps its customers lock down their email domains and monitor for attempted abuse. Globally, companies have lost over $10 billion due to business email compromises.
Sendmarc currently has over 1,000 paying customers, including South African stock exchanges, law firms, insurance companies, banks, and law enforcement agencies across North America, Europe, Australia, South Africa, and Latin America.
Sendmarc differentiates itself from its competitors by focusing on go-to-market features, with the goal of serving up to 100,000 customers in the next five years and potentially expanding its product suite to include other impersonation protection features.
The company intends to use the funding to increase its sales team across Africa, the U.S., Europe, and Latin America.