UK’s CyberSmart, a cloud-based digital security platform that helps SMBs identify risks and comply with regulations, has raised a £5.5 million Series A round led by VC firm IQ Capital and angel investors. The startup reports a revenue increase of 300 percent over the last twelve months and will use the fresh capital to fuel more growth.
The goal of the software is to help business owners easily protect themselves and their businesses, despite any potential gaps in digital skills or tech savviness. “The SMB market has not been easy to protect until now, and business owners have so many issues to deal with they often wait until it is too late, losing all their customer data or even cash in a cyber-attack,” said CEO Jamie Akhtar. “We take all the effort out from a business becoming secure, so it’s not as painful, time-consuming, or as expensive as one might think.”
Another main focus of the software is to help these businesses meet national standards, such as the Cyber Essentials Certification, which is recommended by the Information Commissioner's Office and Federation for Small Businesses — and required of any suppliers to central and local governments.
This priority makes sense, given the startup has had close ties to UK governmental institutions from the start. Born from a Government Communications Headquarters accelerator in 2017, the startup was also one of the first participants in the National Cyber Security Center accelerator programme.
Commenting on the investment, IQ Capital partner Kerry Baldwin said: “The company has a strong product-market fit, is hitting targets well ahead of schedule, and has secured strategic partnerships to further market penetration within the UK and internationally.”