23 February 2023
British Patient Capital has invested £3m into CyberSmart, a cybersecurity platform for SMEs, as part of a £12.75m Series B round.
British Patient Capital has participated alongside two of its fund managers: Oxx, which led the round, and IQ Capital, which first backed the company at seed stage in 2019 and then again at Series A in July 2020. The other investors in the round are Eos Venture Partners, Legal & General Capital, Seedcamp and Winton Ventures.
CyberSmart was founded to address the widespread lack of appropriate cyber protection amongst small and medium-sized companies. With its easy-to-use and cost-efficient online platform, Cybersmart provides SMEs with a comprehensive cybersecurity solution, offering round-the-clock monitoring and protection, as well as training, government-standard certifications and insurance.
CyberSmart will use the funding from this round to deepen its insurance offering and fuel international expansion. across Europe, Australia and New Zealand.
Catherine Lewis La Torre, CEO of British Patient Capital, said:
“As cyber-attacks grow increasingly sophisticated, the technology needed to protect against them must do so as well. For many SMEs, this is a difficult challenge to tackle, either because of financial constraints or a lack of in-house expertise. CyberSmart was created to address this problem, providing not only affordable and easy-to-use cyber protection but also training, certification and insurance. We are delighted to be supporting such a dynamic and ambitious business on its growth journey.”
Notes to Editors
About British Patient Capital
British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of CyberSmart or its products or services.
Cybercrime is projected to cost the world $10.5 trillion annually by the end of 2025, and 58% targets small businesses. Meanwhile, the cybersecurity gap between large enterprises with the resources to weather attacks and the SMEs who don’t, is widening.
CyberSmart was created to fix this problem. Protecting a business from cyber threats shouldn’t require expert knowledge or deep pockets. So, as well as offering the fastest route to government grade certification on the market, CyberSmart also provides simple, cost-effective technology, enabling SMEs to protect themselves without cyber expertise. Through strategic partnerships with reputable insurers, CyberSmart customers further benefit from cyber insurance coverage at reduced premiums and policy excesses.
Find out more about CyberSmart at: https://cybersmart.co.uk/