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12 July 2024

Cybersecurity Firm Secures £5m in Investment to Continue Growth

A Cardiff cybersecurity firm which is one of the fastest growing technology companies in Wales has secured a £5 million investment to help it continue to scale.

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. Their 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 entry level approach, designed to make its 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.

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'.

It has now secured £5 million in investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland. 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.

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 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.”

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