Claudette McGowan secures CAD$10 million in Series A funding for cybersecurity startup Protexxa

Toronto-based cybersecurity startup Protexxa has achieved a significant milestone in Canada by closing a CAD$10 million (US$7.21 million) Series A funding round.

The company plans to invest this new capital into enhancing its platform and expanding its sales and marketing teams.

Founded by CEO Claudette McGowan in 2021, Protexxa previously secured CAD$1 million (US$721,000) in pre-seed funding and, in October 2022, raised CAD$4 million (US$2.88 million) in a seed round led by BKR Capital. This seed round marked the largest funding effort for a Black woman in Canada at that time.

Lise Birikundavyi, Managing Partner at BKR Capital, noted that the Series A round is now the largest equity funding round for a Black woman founder in Canada. “We’re thrilled to continue supporting Protexxa – the team is exceptionally strong and addressing a critical issue.”

Historically, Black women founders receive a disproportionately small share of venture capital compared to their white male peers. To date, Protexxa has raised a total of CAD$15 million (US$10.82 million).