Vade, an international pioneer in threat detection and response that already monitors one billion email messages worldwide, has announced that it has raised €28 million (~$30 million) from Tikehau Ace Capital, the French government, through French Tech Souveraineté, which is part of France 2030, led by the General Secretariat for Investment and operated by Bpifrance, and Auriga Partners. The company intends to proceed with a new, more substantial round of financing in the coming months.
"We invested in Vade because we believe that Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) need to have technology that can easily and effectively neutralize the latest threats," said Francois Lavaste, Executive Director at Tikehau Ace Capital. "We welcome the sustained pace at which Vade continues to grow and have full confidence in Georges Lotigier and his team. We are confident in their ability to meet and exceed their clients' expectations."
The latest round of funding will further accelerate Vade's international expansion and provide additional investment to enhance its already industry leading cybersecurity products for Internet Service Providers (ISPs), MSPs and small and medium businesses. The company also plans to put increased emphasis on developing MSSP-tailored solutions with simple, rapid installation and high efficiency.
"Demand for our products, especially in the MSP market, has been overwhelming. This latest round of funding will help us quickly onboard more channel partners in key markets like North America and Europe," said Maya Gershon, Chief Revenue Officer at Vade.
Between remote work prompted by COVID and the conflict between Russia and Ukraine, the new investment arrives in the midst of increased stakes for business communications that need to stay secure both internally and externally. In fact, a report by Market Research Future (MRFR) projects that the email security market will be worth $6.8 billion by 2025.
Vade has become a global cybersecurity SaaS leader, recognized by G2 as a leader in email security and cloud email security. The company has experienced over 100% growth in its flagship product, Vade for M365, an email security product that is purpose built for MSPs. The company has also grown to almost 200 employees and anticipates growing its staffing by another 80 employees by the end of this calendar year.
"Vade has experienced tremendous growth and with remote work becoming commonplace, even after the pandemic, cybersecurity is at the top of most companies' priority list," said Georges Lotigier, CEO of Vade. "We have built a highly profitable company in a competitive market, largely due to our constant innovation and anticipating the unexpected. This latest funding round will help us realize our ambitious plans to significantly grow in markets like North America and Asia."
"The fight against cyber threats is a strong strategic challenge that Vade has mastered. This operation must now allow to accelerate the protection of companies and citizens, increasingly targeted in the current context. This is why Bpifrance supports this operation," adds Emmanuel Audouard from Bpifrance.
"We were attracted by the extreme quality of the team, which has been able to implement a strategy over the past few years that has enabled it to deploy a highly effective business model combining strong growth and profitability. We are convinced that Vade has all the fundamentals to become a world-class player," said Jacques Chatain, CEO at Auriga Partners.