Source Defense, a web application client-side protection company, has secured $27 million in Series B funding. The round is led by new investor Springtide Ventures with all existing investors also participating, including Jerusalem Venture Partners (JVP), AllegisCyber Capital, Global Brain, Connecticut Innovations, Inc., NightDragon, LLC, and Capital One Ventures. In addition to the investment, Karel Tusek, CTO of Springtide Ventures, will join the Source Defense Board of Directors.
The new funds will be applied toward the company’s accelerated growth plans, including investments in Sales, Marketing, Alliances, and Research and Development. To support this growth, the company appointed cybersecurity startup veteran, Stephen Ward, as CMO late in 2021.
Source Defense has posted more than 250% growth in the past two years and will increase staff by 70% by the end of 2022. The company currently protects nearly a billion monthly site visits and defends transactions for some of the world’s largest businesses, preventing approximately 6 billion quarterly violations of security and compliance policies from occurring in the process.