Abacode, a cybersecurity and compliance firm, has received $4.85 million from a local growth equity investment firm.
The five-year-old Tampa-based company received the Series A investment from Ballast Point Ventures, according to a Thursday announcement. The companies have had a relationship for years, according to Ballast Point Ventures partner Sean Barkman.
"The Abacode team has made great progress growing its customer base, service offering, and organization during the company's short history," Barkman, who will join the Abacode board of directors, said in a statement. "This is an exciting opportunity for BPV to partner with an impressive management team we have known for a few years now, who are building a leading compliance-oriented cybersecurity business in a dynamic industry segment."
Ballast Point Ventures is also based in Tampa.
Abacode will use the funds to scale its marketing efforts, sales, security operations center and project execution teams and further service offerings, according to the release.
"We are extremely excited to partner with Ballast Point Ventures as we continue our focus on building a world-class MSSP and invest heavily in scaling our service offerings," Abacode's CEO and co-founder Mike Ferris said. "BPV was the right partner at the right time."
This is the latest in a list of accomplishments for Abacode in 2019: in February, the company entered a partnership with Tech Data Corp., one of the largest public companies in the state. In December, Abacode added a new chief revenue officer.
