Cardiff-based cyber security firm PureCyber is looking to accelerate its growth following a £5m equity investment boost from BGF. Founded in 2016 by chief executive Damon Rands, the consultancy provides a broad range of cyber security solutions, acting as an outsourced provider for businesses looking to optimise their protection against attacks.
It has a growing client base in professional and financial services, manufacturing, education and sport sectors, with many global customers including large education institutions and premier league football clubs.
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Following the investment, PureCyber, which employs 37 cyber specialists, is looking to become a dominant force in the cyber industry through the continued expansion of its client base across the SME market as well as growing its market share among larger, global enterprises. As part of the deal Ben Marnham, a highly experienced former tech chief executive, has joined PureCyber as its non-executive chair.
Mr Rands said:“Having successfully scaled the business since its inception in 2016, it was a natural time to look ahead to the next phase of growth. With a wealth of experience in the technology market and a pedigree of supporting ambitious businesses on their scaleup journeys, BGF was a natural fit. We are also delighted to be working with Ben Marnham who has worked with a number of fast growth tech scaleups.
“The PureCyber team and I are committed to growing the business to support the ever-increasing needs of the global SME and enterprise market and are delighted to be working with an investment partner and a non-executive chair that shares our vision for the future.”
The deal was led for BGF (formerly known as the Business Growth Fund) by Hannah King and Edwin Davies, investors in BGF’s Wales and south west team.
BGF has been an active investor in the Welsh marketplace with other investments over the last few years including those into IQ Endoscopes, Character.com and Victorian Sliders. It takes non-controlling minority equity positions in its investments.
Ms King, investor at BGF, said: “PureCyber represents an exciting opportunity to back a high-growth and high-profile business that is operating in an attractive part of the cyber market. We are proud to be investing in an ambitious team with a clear vision for the future and look forward to adding another dynamic technology business that is flying the flag for Welsh enterprise to our portfolio.”
Mr Marnham said: ‘PureCyber has excellent growth potential – the market is expanding, and its track record clearly demonstrates that the culture, proposition and delivery are all on point. I am looking forward to joining the board and working alongside Damon, the PureCyber team and BGF.”
The BGF was established back in 2011 after a review commissioned by the then UK Government recognised an equity funding gap for SMEs seeking growth capital in the £5m to £10m range. Since then it has investment £4bn in 600 companies and counting, making it the most active investor in the UK.
Deal advisers
For BGF: Legals: Capital Law – Laura Spendiff, Catherine Golledge
Tax due diligence : Bevan Buckland – Matthew Denney and Isobel Morgan
PureCyber: Corporate Ffnance: Lexington – Thomas Edwards, Jade Burgess, Ioan Brigden
Legals: Acuity Legal – Andrew McGlashan , Benedetta Cocconi