Protexxa, Led by Claudette McGowan, Secures $10 Million in Series A Round

Toronto-based cybersecurity startup Protexxa has reached a significant milestone with the closing of its $10 million CAD Series A funding round. This achievement marks a new record in Canada, particularly notable as Protexxa was founded by Claudette McGowan, a Black woman, in 2021.

The capital raised will be allocated towards enhancing Protexxa’s platform and expanding its sales and marketing teams. This round of funding was led by a private family office, with additional participation from Bell Ventures, the venture arm of Canadian telecommunications giant Bell, and Halifax-based Sandpiper Ventures, which focuses on supporting early-stage, women-led companies. Return investors in this round include Crown corporation Export Development Canada (EDC), BKR Capital, The Firehood Angels, and Graphite Ventures.

Protexxa announced that it will reveal two new board members in August. This Series A funding round builds on Protexxa’s previous successes, including a $1 million pre-seed round and a $4 million CAD seed round led by BKR Capital in October 2022. The latter was recognized as the largest funding round for a Black woman in Canada by Toronto Life. BKR Capital’s managing partner, Lise Birikundavyi, highlighted the importance of this achievement, noting that the Series A round is, to their knowledge, the biggest equity round for a Black woman founder in Canada.

"We’re excited to continue to back Protexxa – the team is incredibly strong and is solving such an important problem,” said Birikundavyi. “We have been impressed by their growth since our initial investment and are excited to be part of their journey."

Historically, Black women founders have raised a very small fraction of venture capital funding compared to their white male counterparts. Protexxa’s success is a step towards addressing this disparity, with the company raising a total of $15 million CAD to date.

Claudette McGowan, a prominent figure in Canadian tech, has co-founded The Firehood and previously served as the Chief Information Officer at BMO. She also served as the Global Executive Officer for Cybersecurity at TD Canada, where she was one of four recipients of the inaugural Nation Builder award from the National Angel Capital Organization. In addition to her role at Protexxa, McGowan chairs the Coalition of Innovation Leaders Against Racism (CILAR), a group of senior business leaders dedicated to combating anti-Black and systemic racism within the innovation economy. She also helped launch Phoenix Fire, a women-focused angel fund, in 2022.

Protexxa's achievement in securing this significant Series A funding round not only marks a notable accomplishment for the company but also highlights the growing recognition and support for diversity in the tech industry. This success story underscores the importance of creating opportunities for underrepresented groups and fostering an inclusive environment in the startup ecosystem.

Founded with the vision to provide robust cybersecurity solutions, Protexxa has quickly established itself as a key player in the cybersecurity sector. The company’s platform is designed to address the growing threats in the digital landscape, offering businesses and organizations advanced tools to protect their data and infrastructure. With the new capital, Protexxa aims to further innovate its offerings, ensuring that its clients are well-equipped to face the ever-evolving cyber threats.

Protexxa’s rapid growth and the substantial support it has garnered from investors reflect the confidence in its business model and leadership. As cybersecurity continues to be a critical concern for companies worldwide, Protexxa’s solutions are increasingly in demand. The company’s focus on innovation and customer satisfaction positions it well for continued success and expansion.

The announcement of new board members in August is expected to bring additional expertise and guidance to Protexxa as it navigates its next phase of growth. These new members will play a crucial role in shaping the company’s strategic direction and ensuring that it remains at the forefront of the cybersecurity industry.

In summary, Protexxa’s $10 million CAD Series A funding round is a landmark achievement for the company and a significant milestone for diversity in the tech industry. With strong investor backing and a clear vision for the future, Protexxa is poised to make a lasting impact on the cybersecurity landscape, driving innovation and setting new standards for excellence in the field.