Todyl has closed a $50 million Series B investment round. The company offers a cybersecurity platform for small and medium-sized businesses (SMBs) that is provided through MSSPs and MSPs.
The funding, announced March 7, is led by Base10 Partners with participation from Anthos Capital, Tech Operators and StoneMill Ventures. The cash infusion will enable Todyl to grow headcount, expand office locations globally and accelerate development of its cybersecurity platform through engineering investments, according to the company.
In addition, Austin McChord, founder and former CEO of Datto, will join Todyl’s advisory board, Under McChord’s 11 years of leadership at Datto, he helped grow the company into a $1 billion industry giant. Since his exit from Datto, McChord has led a number of non-channel related firms, Outsiders Fund, an investment firm. This board member appointment is not associated with an investment at this time, Todyl told MSSP Alert.
"Austin had strong interest in joining the board as his entry into Todyl," said Todyl founder and CEO John Nellen.
McChord also serves on the board of directors Cork, the cybersecurity warranty company.
Todyl’s MSP, Channel-Only Focus
Denver, Colorado-based Todyl, founded in 2015, employes an MSP-first, channel-only approach focusing on delivering a unified platform to help its customers stay ahead of threats. It’s cybersecurity platform consolidates secure access service edge (SASE), security information & event management (SIEM), managed eXtended detection & response (MXDR), endpoint security (EDR/NGAV), security orchestration, automation & response (SOAR), and governance, risk & compliance (GRC).
SOAR enables Todyl helps businesses execute rapid, automated response actions across endpoints and Microsoft 365, the company said. As such, the new module serves as a springboard for future developments that will equip businesses with automation, orchestration, and response actions to quickly address threats, the company said
John Nellen, Todyl founder and CEO, explained that SMBs face sophisticated cyber threats at an unprecedented frequency. As a result, the cost and complexity have kept the capabilities required to defend against ever-changing tactics and adversaries in the hands of large enterprises.
“Our... cloud-first platform levels the playing field for businesses of all sizes,” he said. “We purpose-built our platform to utilize a single agent that delivers the capabilities of multiple point solutions. It’s easy-to-use, cost-effective and modular, empowering IT professionals to effectively prevent, detect and respond to modern threats across their entire environment — SaaS, cloud, data center, office and remote.”
Jason Kong, partner at Base10 Partners, believes Todyl has positioned itself as a credible security leader on the same plane as CrowdStrike and others, and thus the company became an attractive investment.
“Todyl has demonstrated that it is becoming a meaningful and serious alternative to some of the incumbents in the space,” he said. “The company’s growth and vision has reminded us of Palo Alto Networks, but for an SMB segment that’s been largely ignored by the cybersecurity market up until this point.”
In March 2022, announced a $28 Million Series A investment round led by Anthos Capital, with Tech Operators, Blu Ventures and StoneMill Ventures.
Todyl offers a partner program for MSSPs, MSPs and value-added distributors.
