London-based cybersecurity tech company Glasswall has raised £18 million in additional equity capital to fuel its expansion. The UK company essentially protects organisations from file-based threats, specialising in what is known as CDR (‘content, disarm and reconstruction’) technology.
The round was led and corner-stoned by billionaire Icap founder (and recently turned Lord) Michael Spencer with a £9.5 million contribution, and joined by Ocado chairman Lord Rose, IHS Markit founder Lance Uggla (who is currently selling the business to S&P for $44 billion), as well as Stuart Rose and Andy Bell (from AJ Bell).
After the deal, Lord Spencer’s investment firm IPGL, which first backed the business in 2018, will emerge as a 44% shareholder.
Glasswall says its CDR technology is used in the government, intelligence and defence space and is increasingly gaining traction across a large number of sectors, including financial and professional services, pharma and healthcare. It expects a £4.5 million turnover this year.
Danny Lopez, Glasswall’s CEO, said: “We are extremely pleased with the success of this fundraise, the continued and much valued support shown by Michael Spencer and IPGL, and the enthusiasm of our most recent investors. These funds will enable us to focus on an ambitious and exciting next chapter of growth for the company. Cyber threats continue to surge, particularly as we all increasingly rely on cloud-based technologies. At Glasswall, we are passionate in our resolve to protect organisations from file-based threats. We believe Glasswall’s technology makes the online world safer and we are really excited at the opportunity we now have to take our technology to a much wider audience.”