Cardiff-based cybersecurity consultancy firm PureCyber has netted a £5 million investment from growth capital investor BGF.
Founded in 2016 by CEO Damon Rands, the company operates as an outsourced cybersecurity team, with subscription services including brand protection, incident response, global penetration testing and fully managed security operations center (SOC) services.
Its clients include firms in professional and financial services, manufacturing, education, and sport, with global customers including large education institutions and premier league football clubs.
"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," said Rands.
"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-exec chair that shares our vision for the future."
Following the investment, PureCyber said it hopes to continue the expansion of its client base across the SMB market, as well as growing its market share among larger, global enterprises.
"This investment marks a pivotal moment for PureCyber. It will enable us to enhance our service offerings, reach a broader audience, and continue our mission of providing best-in-class cybersecurity solutions," Rands said.
"We are excited about the opportunities ahead and remain committed to protecting businesses from the ever-evolving landscape of cyber threats."
PureCyber "flying the flag" for Welsh security sector
Lexington Corporate Finance acted as the lead corporate finance advisor to PureCyber, with Hannah Waters and Edwin Davies, investors in BGF’s Wales and South West team, leading the deal.
Ben Marnham, a former tech CEO and chair has also joined PureCyber as non-executive chair as part of the deal
"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," he commented.
BGF is backed in the UK by Barclays, HSBC, Lloyds, NatWest, and Standard Chartered, and its investments include Bramble Energy, Amdaris, St Pierre Groupe and Kids Planet.
The firm is among the most active equity investors in the UK and Ireland, with a total of £4 billion in investments.
The company has backed more than 600 growing businesses and supported standout exits since its founding in 2011. Its other Welsh investments include IQ Endoscopes, Character.com and Victorian Sliders.
“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," said Hannah King, investor at BGF.
"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.”
