Bristol tech company lands £5.5m deal as it looks to expand business
A Bristol tech company has secured £5.5m of funding as it looks to expand its customer base.
Cavendish, an investment bank aimed at high-growth companies, advised Bristol-based cybersecurity company, OnSecurity, on the deal.
OnSecurity provides independent third-party penetration testing services and it has secured its £5.5m investment from Gresham House Ventures, a growth equity investor specialising in software and digitally driven businesses.
The deal is Cavendish’s fourth cyber-security transaction of 2024, highlighting its growing interest and in the space.
Established in 2018 OnSecurity has built a technology platform to efficiently deliver pentests that identify and address vulnerabilities in computer systems, networks, and web applications.
The business provides high quality human pentesting services via a platform technology that automates traditionally manual, cumbersome processes such as booking, scheduling and reporting.
The business has grown rapidly since launch to become a trusted and well-known provider, having built up a customer base of almost 300 clients.
The investment from Gresham House Ventures will enable OnSecurity to accelerate new customer acquisition and further develop and leverage its existing technology platform through R&D. This is OnSecurity’s first institutional investment round.
Zuleika Salter, head of private growth capital and partner at Cavendish, said: “We believe OnSecurity has the best product in a growing market, but more importantly, the founders are deeply respected in their sector, with unrivalled experience and expertise. I am excited to see where they can take the business with the support of Gresham House Ventures. It has been a privilege to work closely with Conor and the team.”
Conor O’Neill, chief executive of OnSecurity, said: “Securing our first external investment was a critical milestone for OnSecurity, and the expertise and support from Zuleika Salter and the team at Cavendish were instrumental in making this possible. From the initial discussions to the final agreements, Zuleika’s deep understanding of the investment landscape and her strategic insights were invaluable. Her ability to navigate complex negotiations with ease and her unwavering commitment to our success provided us with the confidence and guidance we needed throughout the process.”
Steve Carle, operating partner at Gresham House Ventures, said: “OnSecurity have built a robust and differentiated platform offering in a market that has historically been plagued with manual processes and poor customer experience. We believe the business is well placed to expand its client base further over the coming years and support businesses and organisations worldwide in the face of new cybersecurity challenges. We look forward to working closely with Conor, Grace and the OnSecurity team over the coming years to bring OnSecurity’s innovative solutions to a wider market.”
