Mailprotector has collected $5 million in investment capital through a Series A funding round led by private equity firm Ballast Point Ventures.
The email security and services vendor plans to use the money to accelerate its product roadmap, drive new sales and marketing campaigns, and provide additional benefits to its MSP partners.
“Mailprotector is dedicated to empowering our channel partners with highly valued services and profitable recurring revenue streams,” said David Setzer, Mailprotector’s founder and CEO, in prepared remarks. “We know that email is still the prime vector for cyber-attacks, especially financially crippling ransomware and phishing threats. This investment means we can supercharge the development of our world-class cybersecurity protection tools for our partners and their clients, giving them an even stronger first line of defense against cyber threats and user error.”
In addition to solutions for safeguarding email, Mailprotector offers email archiving, hosting, and continuity solutions as well.
“We are excited to partner with David, CTO Ben Hathaway, and the entire Mailprotector team to drive continued email security leadership and technology innovation,” said Ballast Point Ventures Partner Robert Faber in a media statement. “BPV has a long history of supporting high-growth software companies throughout the Southeast, and we have been impressed with David and his team as they have built industry-leading email security tools with limited outside capital investment.”
In conjunction with the funding transaction, Faber will join Mailprotector’s board of directors.
Mailprotector secured its first external financing three years ago in a deal that did not require it to transfer equity or decision-making right.
Frost & Sulllivan expects global spending on email security to grow at a 9.9% CAGR through 2022 to $3.58 billion.