Scottish cybersecurity firm Quorum Cyber has secured a £2.7 million funding package from Maven Capital Partners through corporate finance specialist HNH.
The investment was secured through its VCTs, alongside the Scottish Investment Bank, which will allow Quorum Cyber to scale up.
Quorum Cyber’s managing director Federico Charosky, who has a 40% stake in the business, instigated the growth capital deal.
Charosky said the growth capital will be used to “further scale the business”, invest in sales and marketing resources and focus on product innovation to “ensure clients can confidentially operate within an increasingly hostile cybersecurity environment.”
HNH director Neal Allen commented: “While COVID-19 and Brexit have created a challenging financial climate, this growth capital investment demonstrates that there is appetite for growth and investment in Scottish business.
“It was very encouraging that there was a lot of interest among Scottish based private equity/venture capital funds and we’re delighted to have facilitated this for Quorum Cyber.”
Charosky added: “Working with HNH and Maven to create the deal has been a fantastic experience. This deal will enable Quorum Cyber to continue growing in a sustainable way, ensuring we continue to exceed customer expectations while protecting the amazing culture we’ve created.”
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David Millroy, a partner at Maven Capital Partners, said: “We are delighted to be leading the investment in Quorum Cyber and look forward to being part of its growth in the years to come.
“The senior team have already created a strong business and there is significant opportunity to scale operations globally, with further expansion already underway in the Middle East, Australia, South Korea, and North America.”
This funding announcement is one of many over the last three months in the Scottish technology sector. Boundary Technologies today (21st July) completed a £.17m annual fundraise. Earlier this month, St Andrews-based investment firm Eos Advisory recently led an investment round to back Europe’s first oncology drug discovery accelerator, Cumulus Oncology.