Lincolnshire-based cyber security firm KryptoKloud has received a £500,000 funding boost investment from private equity investor Foresight Group to propel its growth plans, using finance from the Midlands Engine Investment Fund (MEIF).
The investment will allow KryptoKloud’s co-founders Allison and Paul Burrows to launch a new Security Operations Centre in Lincoln, enabling the creation of new jobs in the region.
KryptoKloud was established in 2016 with a vision of providing the best-in-class cyber security solutions. Providing a blend of cyber security services as well as a suite of cyber offerings including cyber threat monitoring and detection, vulnerability assessment and penetration testing, security testing and Data Privacy inc. Data Loss Prevention, KryptoKloud has experienced significant growth, particularly throughout the COVID-19 crisis as businesses seek to enhance their digital security as part of business continuity plans.
Allison Burrows, Managing Director of KryptoKloud comments:
“Our business has grown considerably since its inception 4 years ago, and we reached a stage whereby we sought investment to take KryptoKloud to the next level. The support that Foresight Group have granted us with will pave the way for a multitude of new opportunities in the years ahead and will no doubt accelerate us towards our long-term commercial objectives. We are excited to take our business to the next level, becoming leaders in the marketplace, and delighted to have Foresight Group onboard for that.”
Foresight Group is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 35 years.
In light of the transaction, Jordan Lavender, Investment Manager at Foresight Group, comments:
“KryptoKloud has ambitious growth plans, and given the businesses resilience throughout the COVID-19 crisis, we are confident they will continue to achieve healthy growth and defy turbulent economic conditions. We look forward to supporting management in the realisation of their commercial goals, and watching the business go from strength to strength. The continued COVID-19 pandemic is understandably causing many investors concern and uncertainty. The volatility in the markets is evidence of that. But here at Foresight Group, we are pleased to see that activity levels remain high. We continue to take well informed steps to protect against unprecedented disruption and will continue to invest in creating a sustainable legacy for our clients and stakeholders.”
A collaboration between the British Business Bank and Local Enterprise Partnerships (LEPs), the Midlands Engine Investment Fund (MEIF) aims to transform the finance landscape for small businesses throughout the Midlands, helping businesses realise their scalability, whilst supporting the region’s economic growth potential.
KryptoKloud sought transactional advice from RAL Associates and legal advice from Langleys Solicitors. Foresight Group received transactional advice, including due diligence, from Smith Cooper, legal advice from Knights Plc and commercial due diligence from Luminii Consulting.
James Bagley, Managing Partner at Smith Cooper and key advisor on the transaction comments:
“It was a pleasure to work alongside the Foresight Group to enable the delivery of a significant investment boost for KryptoKloud. Where we distinguish ourselves is in the level of business insight and the clarity of our reports – we aim to add value to the evaluation process and identify and communicate transactional risks early. This a significant deal for Foresight and continues to demonstrate the groups commitment in supporting high growth companies.”