- BGF invests £5 million in Welsh cybersecurity firm PureCyber
- The Cardiff-based firm acts as an outsourced cyber team for SMEs and is one of the fastest growing technology companies in Wales.
PureCyber – a Cardiff-based consultancy firm – has secured a £5 million investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland.
Founded in 2016 by CEO Damon Rands, PureCyber provides a broad range of cyber security solutions, acting as an outsourced provider for businesses looking to optimise their protection against attacks. The unique suite of subscription services ranges from brand protection, incident response, global penetration testing and fully managed SOC services.
Growth to date has been driven by the company’s affordable, entry level approach making its best-in-class cyber services accessible to business across a range of sectors and sizes. It has a good foothold in the professional and financial services, manufacturing, education and sport sectors, with many global customers including large education institutions and premier league football clubs.
Today, PureCyber has a team of 37 cyber security specialists and has been recognised as the ‘Most Innovative Cyber Security Company in the UK’ and ‘Best International Cyber Consultancy Firm in the UK’.
Following the investment, PureCyber 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. Ben Marnham, a highly experienced former tech CEO and Chair has also joined PureCyber as Non-Executive Chair as part of the deal.
Damon Rands, CEO of PureCyber, 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-exec chair that shares our vision for the future.”
The deal was led for BGF by Hannah King and Edwin Davies, investors in BGF’s Wales and South West team.
Commenting on the deal, Hannah 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.”
Ben Marnham, incoming non-executive chair, added: ‘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.”
Advisers
For BGF:
Legals: Capital Law – Laura Spendiff, Catherine Golledge
Tax DD: Bevan Buckland – Matthew Denney and Isobel Morgan
For PureCyber:
Corporate Finance: Lexington – Thomas Edwards, Jade Burgess, Ioan Brigden
Legals: Acuity Legal – Andrew McGlashan, Benedetta Cocconi
-ENDS-
About BGF:
- BGF was set up in 2011 and has invested over £4 billion in 600 companies and counting, making it the most active investor in the UK.
- BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
- BGF invests in growing businesses in the UK and Ireland through its network of 15 offices.
- www.bgf.co.uk / social media: @BGFinvestments
About Pure Cyber
- PureCyber is an established global security leader, providing a complete and unique range of advanced 247 managed cyber security solutions.
- Delivering efficiencies and excellence, PureCyber work collaboratively with organisations to make appropriate levels of cyber security accessible, affordable and understandable regardless of size or location.
- PureCyber is a single service cyber solution, removing the complexity and resource intensity of managing multiple vendors and delivering a holistic view of your organisation.
