IT startup CyberSmart raises £5.5m to fund demand for cybersecurity
A London-based IT startup has raised £5.5m in a funding round led by cyber security and tech entrepreneur investors.
The funding, which CyberSmart has received from venture capital firm IQ Capital, will be used to fund the growth of the company.
The firm, which enables small to medium-sized businesses (SMBs) to combat the threat of cyber-attacks and increasing regulation in the digital world, has seen a massive increase in demand from SMBs to protect their businesses, with a revenue increase of 300 per cent over the last twelve months.
The lockdown period has accelerated the uptake of their cloud-based technology, which is fully automated.
Jamie Akhtar, CEO of CyberSmart, said: “We are delighted to have closed our Series A funding round with £5.5m to fund our next stage of growth.
“Our investors have seen that we have built a great technology and also a great team.
“The SMB market has not been easy to protect until now, and business owners have so many issues to deal with they often wait until it is too late, losing all their customer data or even cash in a cyber-attack.
“We take all the effort out from a business becoming secure, so it’s not as painful, time-consuming, or as expensive as one might think.
“People can have effective, comprehensive security and risk-reduction from a team that is there to support them through the challenges of transforming into a digital business.”
Kerry Baldwin, partner at IQ Capital, added: “Cyber security has become increasingly important, more so with the global shift to remote working, especially for the SMB market that CyberSmart supports.
“CyberSmart has already achieved great success by identifying SMBs as a market segment that was underserved by the cyber security industry.
“The team has been incredible to work with over the last year and demonstrated though leadership and deep understanding of the needs of SMBs, enabling CyberSmart to provide automated and simple procedures to implement protection for firms with 1 to 20 employees”.
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