Field Effect Raises $34.5 Million in Funding  

by Kay Aloha Villamor December 14th, 2022

Field Effect, an Ottawa, Canada-based global cybersecurity SaaS company, announced that it raised a total of $34.5 million in funding.

The investment was from Edison Partners, a prominent U.S. growth equity investment firm, and Round13 Growth Fund, a highly respected, late-stage Canadian growth equity investment fund.

Lenard Marcus, a general partner of Edison Partners who led the investment, joined the company’s board of directors

"We are thrilled to be working with Edison Partners and Round13 Growth Fund as we continue to evolve our cybersecurity solutions," said Matt Holland, Field Effect's co-founder, and CEO.

Field Effect also provides professional services, including incident response and planning, to support businesses with all their cybersecurity needs. "Everything we do, all the solutions and services we offer, are grounded in our mission of securing every company worldwide," said Holland. "With this funding and the support of our new investors, we are closer than ever to reaching this goal."

The company was founded to address the cybersecurity needs of the underserved small and medium enterprise (SME) market. Most security tools were built with large enterprises in mind, requiring both huge budgets and deep security expertise to manage.

Field Effect Covalence® monitors, detects, and actively responds to cyber threats across endpoints, cloud services, and networks. Field Effect Cyber Range® is a simulation-based cybersecurity training platform used to grow individual skills, rehearse incident response, and train teams. 

Company: Field Effect Software Inc.

Raised: $34.5M 

Round: Growth Equity

Funding Month: December 2022

Lead Investors: Edison Partners and Round13 Growth Fund

Additional Investors:  

Company Website:

Software Category:  Cybersecurity Solutions 

About the Company: Field Effect, a global cybersecurity company, is revolutionizing the industry by bringing advanced cybersecurity solutions and services to businesses of all sizes. After years of research and development by the brightest in the business, we have pioneered a holistic approach to cybersecurity. Its complete Managed Detection and Response (MDR) solution, flexible simulation-based training platform, and expert-led professional services form a unified defense that results in superior security, less complexity, and immediate value. Field Effect builds solutions that are sophisticated yet easy to use and manage. Its mission is to strengthen the IT security operations of businesses of all sizes worldwide. 


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