Money also will drive product development, market growth for email security firm
Mailprotector, which offers cloud-based email security solutions to MSPs and other channel partners, netted $5 million in its latest round of funding from growth equity investor Ballast Point Ventures.
The Lowdown: The Greenville, South Carolina-based company this week said it will use the money in part of expand services to its network of MSPs as well as to drive product development and grow sales and marketing efforts. Mailprotector also plans to add more than 30 positions at its headquarters as well as other sites around the country.
The Details: The company has a broad array of cloud-based email security, compliance, and encryption email solutions to partners and other companies around the globe. It also offers a hosting platform. Its products include CloudFilter for protecting outbound and inbound email from spam, viruses, and other threats, SafeSend for outbound policy-based compliance, SecureStore for email archiving, and XtraMail for always-on backup.
There also is the CloudMail hosting platform, Exchange+ for managing Exchange 2016, and Bracket for encrypted email. The company sells its solutions through MSPs, VARs, and ISVs.
Background: Mailprotector was born more than a decade ago out of Virtual Connect Technologies, a website development company that had a few intranet sites. In response to user complaints, Virtual Connect developed an internal basic email filtering system for its customers. The system grew into a managed service.
The Buzz: “Mailprotector is dedicated to empowering our channel partners with highly valued services and profitable recurring revenue streams,” Mailprotector founder and CEO David Setzer aid. “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.”
“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 Robert Faber, partner at Ballast Point Ventures, who will join Mailprotector’s Board of Directors. “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.”