Sendmarc, a security company based in Johannesburg, has raised $7 million in Series A funding led by Atlantica Ventures and other venture capital firms.
Sam Hutchinson, Keith Thompson, and Sacha Matulovich started the company in 2020. Their goal was to help former clients deal with problems like email impersonation.
Over 90% of cybercrimes that lead to financial fraud or identity theft start with email impersonation. Sendmarc helps customers lock down their email domains and watch for attempted abuse. Over $10 billion has been lost by businesses worldwide because of business email compromises.
Sendmarc has more than 1,000 paying customers, including South African stock exchanges, law firms, insurance companies, banks, and law enforcement agencies from North America, Europe, Australia, South Africa, and Latin America.
The funds will expand the company’s sales force in Africa, the United States, Europe, and Latin America.