CyberFOX lands nine-figure funding to boost MSP security

CyberFOX has secured a nine-figure growth investment led by Level Equity, with participation from Radian Capital and the company's founders, David Bellini and Adam Slutskin.

The Tampa-based cybersecurity software provider said it now serves more than 4,000 customers. It also said it has increased annual recurring revenue by more than 20 times since its formation. CyberFOX attributed that growth in part to its acquisitions of AutoElevate and Password Boss.

Level Equity focuses on software investments in the middle market. Radian Capital is a growth equity investor with a stated focus on a small set of technology founders and a track record in cybersecurity software.

Product focus

CyberFOX sells tools that sit within the security stack used by managed service providers and IT teams. The company describes itself as a platform for privileged access management, password management, and DNS filtering.

Privileged access management products control and monitor administrative access to systems and sensitive data. Password management tools handle storage and access to credentials. DNS filtering products block access to malicious domains and reduce exposure to known threats.

CyberFOX positions its primary market as managed service providers and smaller organisations. The company also cited state and local government among the customers it serves.

Investment plans

CyberFOX said it will use the funding for product development, AI initiatives, international expansion, and strategic acquisitions.

The company framed the deal as its first external capital raise. It also said the founders participated in the round.

Bellini and Slutskin have previous roles in the managed services software market. Bellini co-founded ConnectWise, a widely used management platform in the MSP sector. Slutskin previously co-founded Liongard, which sells products used by MSPs to monitor and manage customer environments.

That background shapes CyberFOX's product direction and go-to-market strategy. The company's recent growth has also relied on acquisitions. AutoElevate operates in privileged access management. Password Boss operates in password management.

Market gap

Cybersecurity vendors often focus their product development and sales efforts on large enterprises. Mid-market organisations and service providers face similar risks and regulatory requirements, but they often manage security with smaller teams and tighter budgets.

CyberFOX said it built its offering around that segment. It described MSPs and smaller organisations as underserved by large cybersecurity vendors.

"MSPs and smaller organisations have historically been underserved by large cybersecurity vendors, and we have purpose-built CyberFOX since inception to address that issue. 2025 was a record year for our company for new customer acquisition, and we have a number of exciting announcements on the new product front to share soon," said David Bellini, Chief Executive Officer, CyberFOX. "Level and Radian demonstrated a thorough understanding of our industry and solution set, and are excited to help us create the first truly comprehensive platform in our market segment to assist our customers with all their security needs."

Investor view

Level Equity highlighted the founders' operating history in the MSP market. The firm also pointed to customer satisfaction and revenue growth as indicators of product fit.

"Dave and Adam have an impeccable pedigree serving both MSPs and non-MSP customers, given their previous experience building companies such as ConnectWise and Liongard, and we're honored that they chose us to partner with them for the next leg of CyberFOX's journey, said Ben Levin, Level's Chief Executive Officer and Co-Founder. "With no external capital raised to date, they have become the clear leader in privileged access management, with industry-leading NPS scores and exceptional ARR growth validating this thesis. The entire CyberFOX team has been a pleasure to work with and we have immense conviction that this will be a category-defining software company."

CyberFOX said its near-term priorities include expanding internationally and pursuing acquisitions alongside its internal product roadmap. It said it expects to share additional product announcements in the near future.