UK-based cybersecurity company Glasswall has completed an £18m funding round to support its ongoing expansion.
The investment was led by IPGL, with participation also coming from Ocado chairman Lord Rose, IHS Markit chairman and CEO Lance Uggla and AJ Bell founder and CEO Andy Bell.
IPGL, which first backed the RegTech in 2018, supplied £9.5m to the round and now holds a 44% stake in the business.
This equity injection will be used to support the next stage of the cybersecurity’s growth, which includes product development, boosted engineering, and increased sales and marketing.
GlassWall protects organisations from file-based threats. Its solution can create safe, clean and visually identical files to ensure no document entering a business pose any threat.
The RegTech hopes its sales will surpass £4.5m this year, after two successive years of 50% growth.
Glasswall CEO Danny Lopez said, “We are extremely pleased with the success of this fundraise, the continued and much valued support shown by Michael Spencer and IPGL, and the enthusiasm of our most recent investors. These funds will enable us to focus on an ambitious and exciting next chapter of growth for the company.
“Cyber threats continue to surge, particularly as we all increasingly rely on cloud-based technologies. At Glasswall, we are passionate in our resolve to protect organisations from file-based threats. We believe Glasswall’s technology makes the online world safer and we are really excited at the opportunity we now have to take our technology to a much wider audience.”
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