£1m boost as cyber security eyes sales drive

A CYBER security firm has secured £1 million in new funding to boost its sales and marketing activities.

CyberQ Group provides online security products and services to businesses from its HQ in Birmingham and offices in the Philippines and US.

It said it would use this fresh round of funding to increase sales and marketing activities and fund additional resources and technology required to meet new customer requirements.

Chief executive Christopher Woods said: “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.”

The funding was secured from part of the Midlands Engine Investment Fund (MEIF), managed by Midven.

Midven’s senior investment director Surjit Kooner said: “Cybercrime today is a global problem and the threats that this ultimately brings must be addressed globally.

“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 with MEIF owner the British Business Bank, added: “With a strong commitment to cyber protection, CyberQ will help businesses in safeguarding against cybercrimes and threats.

“The funding 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.”

The second phase of the MEIF was launched last month, bringing together £400 million of government-backed funding to support growing small and medium businesses across the Midlands region.