Reflectiz Raises $22M In Series B Funding Led By Fulcrum Equity Partners

Listen to this article

Reflectiz, a provider of an AI-enabled web exposure management platform, closed its $22 million Series B round to bolster its agentless technology that monitors and mitigates third-party risks on websites without performance impacts. The funds will primarily support product enhancements toward comprehensive Continuous Threat Exposure Management (CTEM), global go-to-market acceleration, and the establishment of its Boston headquarters.

Strategic Implications

This funding positions Reflectiz to address evolving client-side threats, such as those from open-source components and third-party tools, which traditional vulnerability management often overlooks. CEO Idan Cohen emphasized the need to shift focus from internal code security to external exposures, stating that “standard website security is outdated, and traditional vulnerability management is no longer enough.” The involvement of growth-focused investors like Fulcrum signals potential for rapid scaling, potentially increasing market share in a cybersecurity landscape projected to grow substantially.

Reflectiz’s latest Series B funding round represents a pivotal advancement for the company, solidifying its role as an innovator in web security amid a landscape where digital threats increasingly target client-side vulnerabilities. Founded in 2019, Reflectiz has developed a proprietary, agentless platform that leverages AI and behavioral analysis to continuously scan websites for risks posed by third-party scripts, open-source libraries, and other external components. By simulating human user interactions through a specialized browser engine, the platform decodes suspicious code in real time, prioritizing threats without requiring access to sensitive organizational data or impacting site performance. This approach has garnered traction among global enterprises, particularly in high-stakes industries where protecting user data and brand integrity is paramount.

Round-Specific Details

The $22 million Series B infusion was spearheaded by Fulcrum Equity Partners, a Boston-based growth equity firm known for backing technology companies in expansion phases. Joining Fulcrum were a mix of returning and new strategic investors: Capri Ventures (a prior backer from the 2020 Series A), YYM Ventures, and AFG Venture Group, alongside additional undisclosed participants. This syndicate highlights continuity from early supporters while attracting capital attuned to scaling SaaS and cybersecurity solutions.

The round elevates Reflectiz’s cumulative funding to $28 million across three rounds, a notable jump from the approximately $6 million raised previously. While exact terms like pre-money valuation remain undisclosed, the structure—typical for Series B in cybersecurity—likely emphasizes equity for growth rather than debt, allowing Reflectiz to maintain operational agility. Proceeds are earmarked for multifaceted objectives:

• Product Roadmap Expansion: Enhancing the platform to encompass full CTEM capabilities, including automated risk validation, precise data establishment tools, and streamlined monitoring workflows to reduce response times for security teams.
• Go-to-Market Acceleration: Bolstering partnerships, alliances, and sales channels to penetrate new verticals, building on existing deployments in financial services, e-commerce, hospitality, and healthcare.
• Operational Scaling: Hastening the build-out of its global headquarters in Boston, which serves as a hub for North American operations and talent acquisition.

These allocations align with broader industry trends, where web-facing risks—such as supply chain attacks via third-party JavaScript—have surged, prompting organizations to seek proactive, visibility-driven defenses.

Historical Funding Context

To contextualize this round, Reflectiz’s funding journey reflects steady progression in a competitive cybersecurity arena. The table below summarizes known rounds:

This trajectory demonstrates investor patience and validation: the five-year gap between Series A and B allowed for product-market fit, evidenced by adoption among Fortune 500 clients. Compared to peers in web security (e.g., those addressing similar third-party risks), Reflectiz’s $28 million total is modest but strategically timed, avoiding over-dilution in a post-2022 venture slowdown while capitalizing on renewed cybersecurity investment fervor.

Recommended: Reclaim247 Helps Drivers Recover Compensation From Unfair Or Mis-Sold Car Finance Agreements

Investor Profiles and Strategic Fit

The investor composition adds layers of strategic value beyond capital:

• Fulcrum Equity Partners: As the lead, Fulcrum brings expertise in scaling enterprise software firms, with a portfolio emphasizing AI and SaaS in regulated sectors. Their involvement likely provides board-level guidance on U.S. market entry and operational efficiencies.
• Capri Ventures: A returning investor from Series A, Capri’s focus on early-to-growth stage enterprise tech reinforces long-term commitment, potentially facilitating warm introductions to their network of cybersecurity adopters.
• YYM Ventures and AFG Venture Group: These participants contribute sector-specific insights; YYM often backs innovative security plays, while AFG’s venture arm targets high-growth tech with strong IP, aligning with Reflectiz’s proprietary browser and AI decoding mechanisms.

Collectively, this group offers a blend of financial muscle and ecosystem connections, positioning Reflectiz for potential M&A opportunities or deeper integrations with complementary tools like endpoint detection platforms.

Market and Competitive Landscape

Reflectiz operates in the burgeoning web exposure management niche, a subset of the $200+ billion cybersecurity market, where client-side threats account for over 80% of breaches according to recent analyses. Traditional tools like web application firewalls (WAFs) fall short against dynamic risks from third-party vendors, creating a gap that Reflectiz’s continuous, AI-powered monitoring fills. Competitors such as Snyk (for supply chain security) or Imperva (WAF-focused) overlap partially, but Reflectiz differentiates through its agentless, behavioral approach that avoids false positives and performance drags.

The timing of this round coincides with heightened regulatory scrutiny (e.g., evolving data privacy mandates) and a 25% year-over-year increase in web supply chain attacks, per industry reports. By prioritizing CTEM, Reflectiz aims to evolve from a detection tool to a full risk orchestration platform, potentially capturing a larger share of enterprise budgets allocated to zero-trust architectures.

Leadership Perspectives and Forward Outlook

Idan Cohen’s vision underscores the round’s philosophical underpinnings: “Enterprises invest millions to secure their own code, sharpening their SDLC process with their team, when the real risks are quietly entering through third parties and open sources beyond their control. Our mission is to challenge the status quo; Reflectiz brings the complete picture of web exposure and we believe this is where the industry is inevitably moving.” This rhetoric signals ambition beyond incremental improvements, toward redefining website security paradigms.

Looking ahead, the funds could catalyze 2-3x headcount growth (from current ~40 employees), R&D investments yielding new features like predictive threat modeling, and geographic expansion beyond North America and Australia. Success metrics might include ARR growth targets, expanded partner ecosystems (e.g., with cloud providers), and certifications enhancing enterprise trust. Risks include execution in a crowded market and dependency on AI accuracy, but the investor backing mitigates these through shared governance.

Reflectiz’s Series B not only fuels immediate scaling but cements its trajectory as a leader in proactive web defense, addressing “silent” risks that evade conventional safeguards. This investment arrives at an opportune juncture, empowering the company to deliver next-generation protections in an era of pervasive digital interdependencies.

Please email us your feedback and news tips at hello(at)superbcrew.com