KryptoKloud Limited are a cyber security company with offices based in Lincoln University. Established in 2016, they provide a blend of cyber security services as well as a suite of cyber offerings, including: cyber threat monitoring and detection, vulnerability assessment and penetration testing, security testing and data privacy.
Looking for investment to fund a program of rapid growth, they decided to approach the Midlands Engine Investment Fund, a regional investment fund backed by the British Business Bank. Having grown organically over the previous four years, along with significant growth during the Covid-19 crisis where business sought to enhance their digital security, this was the first time KryptoKloud had sought external investment.
We advised them on the terms of the proposed investment and the contents of the legal paperwork, as well as the implications of the controls required by the Investor in the Shareholders Agreement and Articles of Association on the future operation and governance of the business.
Commenting on the investment, Allison Burrows, managing director of KryptoKloud, said: “The support that Foresight Group have granted us with will pave the way for a multitude of new opportunities in the years ahead and will no doubt accelerate us towards our long-term commercial objectives. We are excited to take our business to the next level, becoming leaders in the marketplace, and delighted to have Foresight Group onboard for that.”
The £500,000 investment means KryptoKloud will be able to pursue their growth plans, opening a new Security Operations Centre in Lincoln and creating a stream of new jobs in the region.
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, welcomed the news: “It’s very encouraging to see backing from the Midlands Engine Investment Fund for fast-growing businesses in the cyber intelligence sector in Greater Lincolnshire.” He further added: “Congratulations to KryptoKloud both for securing the funding and for being shortlisted as Business of the Year in the forthcoming Lincolnshire Technology and Innovation Awards. We wish them luck!”