Melius CyberSafe secures £250k from the North East Venture Fund to grow market share
The investment follows the recent launch of a more powerful version of the company cybersecurity platform.
Melius CyberSafe provides a platform that enables businesses to monitor their IT networks and automate penetration testing. The company helps small and medium enterprises secure official accreditations.
Newcastle-based cybersecurity firm Melius CyberSafe has secured £250k in fresh funding from the North East Venture Fund, with support from Mercia. The capital will be deployed to increase market share following the recent rollout of an upgraded platform version.
The company has experienced significant growth over the past year, nearly doubling annual recurring revenue to surpass £500k. This latest injection brings the total capital raised by the firm to £1.6m as demand for network protection intensifies.
Investor perspective
"Mercia has in-depth experience in the cybersecurity sector, and we are proud to have played a key role in the success of Melius CyberSafe. Traditional cybersecurity is beyond the reach of many small firms due to the high cost but CyberSafe helps to solve this problem by automating key processes. With businesses under attack from criminal gangs and hostile states, the need for it is arguably greater than ever."
Ian Wilson
Fund Principal, Mercia
Use of funds
- 01Accelerate go-to-market
Investors
Categories
About the company
Melius CyberSafe
Melius CyberSafe offers automated cybersecurity monitoring and penetration testing for small and medium enterprises.