Business

Cyber security firm Hicomply secures £3m investment to ramp up growth

Durham cyber security specialist Hicomply is set for growth after securing a £3m investment from growth capital investor BGF.

Launched in 2019, Hicomply is a software platform that gives businesses the tools to build security systems which can protect its sensitive data.

The business has tapped into the funding to ramp up growth through investment in sales and marketing, as well as continuing to develop its technology, which also helps firms reduce risks in the supply chain as well as the threat of data breaches and potential fines.

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Hicomply CEO Ed Bartlett said: “The rapid acceleration of digital transformation in a remote working world and the consequent increased cyber risk has seen data security rising to the top of the agenda for many businesses.

“We’re ideally placed to support SMEs to improve governance and protect their people, operations, and intellectual property assets.

“We were looking for an investor with a strong track record in our sector but one who also understood our business and could support a clear roadmap to achieve our long-term ambitions.

“With BGF’s backing, we can accelerate our own expansion and empower more businesses to access our technology, ensuring robust compliance.”

The investment is the second Hicomply has secured this year, coming eight months after the software-as-a-service business received a £600,000 investment to hasten the development and launch of its tech.

Hicomply received its funding from angel investors and the North East Innovation Fund, which is supported by the European Regional Development Fund managed by Northstar Ventures.

The deal marks the third North East technology investment for BGF in the past 12 months, following its £14m funding for tech-enabled procurement platform Bloom and its investment in Stockton-based Datum360 last November.

Chris Boyes, who led the deal for BGF’s Yorkshire and North East team, said: “The North East benefits from a rapidly growing tech sector with access to excellent talent because of the universities and global organisations based there.

“It’s fantastic to be backing another innovative business like Hicomply, which is making a positive impact in the region, creating jobs and economic growth, as well as improving the commercial prospects of the UK SMEs that its technology supports. We look forward to working with the team to achieve the company’s growth ambitions.”

Hicomply was advised by Sahil Nayyar and Thomas Brunsnes of Cavu Corporate Finance.

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