£500k investment helps KryptoKloud to open new operations centre
A new security operations centre in the East Midlands has been opened by a cybersecurity specialist KryptoKloud in Lincoln.
The firm is also working with the University of Lincoln to develop and recruit cyber analysts and a new manager.
It is making the move with a £500,000 investment from private equity investment manager the Foresight Group – which is using finance provided by the Midlands Engine Investment Fund.
It is the latest in a number of female co-founded firms supported by the Midlands Engine Investment Fund, with the Foresight-managed fund investing more than 25 per cent in mixed gender founding teams so far – above the 10 per cent share of venture capital funding that normally goes to mixed gender teams.
KryptoKloud was launched by Allison and Paul Burrows who, with Foresight’s support, have appointed Paul Hughes as chairman.
Mr Hughes has a background in scaling early stage technology companies, having founded and exited a number of businesses, the most recent of which, ParentMail, was acquired by Iris Software Group in 2017.
KryptoKloud’s services include cyber threat monitoring and detection, vulnerability assessment and penetration testing.
In November, it began offering managed services to SMEs and has experienced substantial growth since, enabling firms to use safe remote working practices and ensure workforces remain cyber safe.
Managing director Allison Burrows said: “After the successful launch of our business in 2016, we required acceleration to the next level and felt that Foresight, with its unique market position, would provide us with that.
“Foresight has delivered on that expectation and we are excited that our cyber business will be able to go from strength to strength in the years to come.”
Jordan Lavender, investment manager at Foresight, said: “We are delighted to be working with KryptoKloud and this investment demonstrates our commitment to finding and supporting early stage, high growth companies within Lincolnshire.
“KryptoKloud has a superb reputation, nationally and internationally for delivering high quality services.
“The business has performed resiliently throughout Covid-19 and has continued to grow during this turbulent economic environment.
“We look forward to supporting management to achieve its goals.”
Ken Cooper, managing director at the British Business Bank, which operates the investment fund, said: “It’s good to see MEIF funding being used to support the creation of new skilled jobs in Lincolnshire.
“The MEIF exists to support SME growth across the Midlands and investments like this illustrate that the fund remains active.
“I would encourage other firms that have an ambition to grow to consider it as a source of finance.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.