Cardiff-based cyber security firm PureCyber is set to accelerate its growth following a £5 million equity investment from BGF. Founded in 2016 by CEO Damon Rands, PureCyber offers a wide range of cyber security solutions, serving as an outsourced provider for businesses aiming to enhance their protection against cyber attacks.

The company has a diverse client base across professional and financial services, manufacturing, education, and sports sectors, including global customers like large educational institutions and premier league football clubs. With the new investment, PureCyber aims to expand its client base in the SME market and increase its market share among larger, global enterprises.

As part of the investment deal, Ben Marnham, a former tech CEO with extensive experience in fast-growing tech companies, has joined PureCyber as its non-executive chair. Rands expressed enthusiasm about the partnership, highlighting BGF's experience in supporting ambitious businesses and the added value of Marnham's expertise.

The investment was led by Hannah King and Edwin Davies from BGF’s Wales and South West team. BGF, formerly known as the Business Growth Fund, has been an active investor in Wales, with previous investments in companies like IQ Endoscopes, Character.com, and Victorian Sliders. BGF typically takes non-controlling minority equity positions in its investments.

BGF investor Hannah King described PureCyber as a high-growth, high-profile business in an attractive part of the cyber market. She expressed pride in supporting a team with a clear vision for the future and adding another dynamic technology business to BGF's portfolio. Marnham also praised PureCyber's growth potential, citing the expanding market and the company's strong track record.

Established in 2011, BGF was created to address an equity funding gap for SMEs seeking growth capital in the £5 million to £10 million range. Since its inception, BGF has invested £4 billion in 600 companies, making it the most active investor in the UK.

Deal advisers for BGF included Capital Law for legal matters and Bevan Buckland for tax due diligence. PureCyber was advised by Lexington for corporate finance and Acuity Legal for legal matters.