Channel Brief: Phin Security on Pax8 Marketplace, Cequence Appoints New CISO

Cybersecurity talent recruitment firm Pinpoint Search Group released its latest funding report for Q3 2024. The report showed a decline in both the number of transactions and the total funding raised compared to Q3 2023. The findings also suggest that venture capital funding for cybersecurity vendors is stabilizing.

Here are some key points from the report:

In Q3 2024, Pinpoint Search Group’s research team recorded 86 transactions in the cybersecurity vendor space, totaling $2.15 billion across 73 funding rounds and 13 M&A events. This represents approximately an 18% decrease in transaction volume from 89 in Q3 2023 and a 5% decrease in fundraising from the previous year's $2.3 billion, the research showed.
Despite the year-over-year decline in the number of transactions and total funding raised in Q3 2024, venture capital funding for cybersecurity vendors seems to be stabilizing following the highs of 2021 and the slowdown in 2022. Over the past nine quarters, vendors have consistently raised between two and three billion dollars, reflecting a more steady and sustainable funding trend, according to Pinpoint Search Group.
The demand for cybersecurity innovation continues to rise, according to the research, with substantial year-over-year funding directed toward early-stage vendors. In Q3 2024, this trend held steady, as 59% of all venture capital investments were allocated to Seed and Series-A startups, representing the majority of funding rounds recorded for the quarter.

Check out the full report here.

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Today’s Tech, Channel and MSP News

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2. Phin Security on Pax8 Marketplace: Security awareness training provider Phin Security is now available on the Pax8 Marketplace, the company announced last week. Through the Marketplace, MSPs can now access Phin Security awareness training to create and manage high-quality campaigns that engage employees and change their habits to be more cyber secure.

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