SOUTH AFRICA – Sendmarc, a cybersecurity email protection and compliance start-up, has secured funding from Endeavor South Africa as it looks to scale more quickly.
The amount of the investment funding was not disclosed.
Launched in 2018 by Sam Hutchinson, Keith Thompson, and Sacha Matulovich, Sendmarc provides the setup, implementation and reporting functionality for a global email protection standard known as DMARC.
This protocol is designed to give email domain owners the ability to protect their domains from unauthorised use, such as impersonation attacks or email spoofing and by accelerating the implementation of DMARC, Sendmarc enables organisations to protect themselves as well as their customers and suppliers.
Sendmarc first raised funding from Kalon Venture Partners, a South Africa-based Section 12J venture capital company, in January of 2020, and the venture capital firm made the second investment back in April 2021.
Endeavor South Africa, a non-profit organisation that identifies and supports innovative, high-impact entrepreneurs in emerging markets to scale, has now joined that round through its fund, Harvest Venture Capital II.
The start-up has seen an average of 30 per cent month-on-month growth this year and is processing around 400 million emails per month on its platform.
“The latest round of funding gives us a great runway to supercharge our growth path both in South Africa and internationally”
Sam Hutchinson CEO, Sendmarc
Its customers include 35 Johannesburg Stock Exchange (JSE)-listed companies as well as some international clients and plans to scale more quickly with the additional investment.
“We welcome the support and continued commitment of the Kalon team and are really excited to have the Endeavor South Africa’s Harvest Fund on board not just as strategic investors, but as co-investors too,” said Sendmarc chief executive officer (CEO) Sam Hutchinson.
“The latest round of funding gives us a great runway to supercharge our growth path both in South Africa and internationally.”
Endeavor South Africa’s Harvest Venture capital II fund has a strong social impact mechanism as 20% of the carry is reinvested back into the ecosystem meaning that as companies like Sendmarc perform, a portion of this gain will be shared back into the South African entrepreneurial ecosystem, to help grow the next set of high-impact entrepreneurs.
According to reports, the impact of the fund is expected to be multiplicative over time. Over the past two years, Endeavor South Africa’s portfolio of 28 firms collectively generated US$147.4 million in revenue and created more than 4,600 jobs.
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