BGF invests GBP £5 million in Cardiff-based PureCyber

BGF, a growth capital investor in the UK and Ireland, has invested GBP £5 million into PureCyber, a cybersecurity firm based in Cardiff. The Welsh consultancy offers a range of services including incident response, brand protection, global penetration testing, and managed SOC services. Established in 2016, PureCyber has experienced steady growth and gained recognition as the 'Best International Cyber Consultancy Firm in the UK'.

The investment from BGF comes with the appointment of Ben Marnham as Non-Executive Chair. Marnham brings extensive experience from his background as a former tech CEO and Chair, which is expected to drive further growth for PureCyber in the SME and enterprise markets from its base in Cardiff.

PureCyber acts as an outsourced cyber team for SMEs and is regarded as one of the fastest growing technology companies in Wales. The firm's portfolio includes clients from various sectors such as professional and financial services, manufacturing, education, and sport, including major educational institutions and premier league football clubs.

With a team of 37 cybersecurity specialists, PureCyber has received accolades as the 'Most Innovative Cyber Security Company in the UK'. The company's growth has been supported by its affordable, entry-level approach, making advanced cybersecurity services accessible to a broad range of businesses.

CEO Damon Rands remarked, "Having successfully scaled the business since its inception in 2016, it was a natural time to look ahead to the next phase of growth. With a wealth of experience in the technology market and a pedigree of supporting ambitious businesses on their scaleup journeys, BGF was a natural fit. We are also delighted to be working with Ben Marnham who has worked with a number of fast growth tech scaleups."

Rands further emphasised the company's commitment to supporting the increasing needs of the global SME and enterprise market. "The PureCyber team and I are committed to growing the business to support the ever-increasing needs of the global SME and enterprise market and are delighted to be working with an investment partner and a non-exec chair that shares our vision for the future," he stated.

Leading the deal for BGF were Hannah King and Edwin Davies, investors in the company's Wales and South West team. King commented, "PureCyber represents an exciting opportunity to back a high-growth and high-profile business that is operating in an attractive part of the cyber market. We are proud to be investing in an ambitious team with a clear vision for the future and look forward to adding another dynamic technology business that is flying the flag for Welsh enterprise to our portfolio."

Incoming Non-Executive Chair Ben Marnham added, "PureCyber has excellent growth potential. The market is expanding, and its track record clearly demonstrates that the culture, proposition, and delivery are all on point. I am looking forward to joining the board and working alongside Damon, the PureCyber team, and BGF."

The transaction was supported by various advisers. BGF's legal counsel was provided by Capital Law, with Laura Spendiff and Catherine Golledge leading the effort. Tax due diligence was conducted by Matthew Denney and Isobel Morgan from Bevan Buckland. PureCyber's corporate finance advisors were Thomas Edwards, Jade Burgess, and Ioan Brigden from Lexington, while their legal matters were handled by Andrew McGlashan and Benedetta Cocconi from Acuity Legal.