Birmingham's CyberQ Group set for further growth with £1M of funding
Birmingham-headquartered CyberQ Group has secured £1 million from the Midlands Engine Investment Fund (MEIF), allowing it to expand and advance to meet global demand.
The company, which also has operations in the Philippines and the US, brings together expert capabilities and technical knowledge to deliver bespoke cyber solutions for companies.
The funds were secured via the MEIF West Midlands equity fund, which is managed by Birmingham-based venture capital firm Midven, part of the Future Planet Capital Group - a global venture capital and impact investor.
"As a Birmingham based business, CyberQ Group is delighted to be supported by Midven and the Midlands Engine Investment Fund," noted Christopher Woods, the CEO of CyberQ.
"With the rapid adoption of new technology and AI in particular, cyber security is increasingly vital for all businesses to avoid data breaches and reputational harm.
"This investment strengthens our roots in the region and allows us to scale up to defend many more global clients against escalating cyber threats. We look forward to working with Midven as we accelerate our growth plans," he added.
The current MEIF investment phase has now completed with the British Business Bank launching the Midlands Engine Investment Fund II at the end of February this year.
Surjit Kooner, investment director at Midven, added: "CyberQ has a breadth of experience and services that has the potential to significantly enhance the cyber-security of businesses and deliver cyber innovation to organisations across a variety of industries. We are looking forward to being a part of their journey."
Mark Wilcockson, senior investment manager at the British Business Bank, said: "With a strong commitment to cyber protection, CyberQ will help businesses in safeguarding against cybercrimes and threats.
"The funding from the MEIF in CyberQ will support the company’s growth in the UK and further its global operations and offer its services to businesses that are looking for cyber protection while contributing to the local economy and creating a positive impact."
Midven said CyberQ had demonstrated impressive traction to date and was well positioned to accelerate growth and further penetrate the $1.5tn annual cyber security market.
A report last year showed that UK businesses lost £2.1bn to fraud and cyber security threats and by 2025, it is estimated that cybercrime will cost the world $10.5 trillion annually, it added.
The MEIF is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
