Birmingham based CyberQ Group has secured £1,000,000 investment from the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group.
This significant investment will enable CyberQ Group to grow, increase sales and marketing activities and fund additional resources and technology required to meet new customer requirements.
CyberQ Group is an award-winning global cyber security provider that delivers enhanced protection to ensure businesses remain cyber resilient. Headquartered in Birmingham, and with operations in the Philippines and the US, the Group ensures that companies have the necessary security measures in place to safeguard their people, systems and physical assets, wherever they are in the world.
A report last year showed that UK businesses lost £2.1bn to fraud and cyber security threats. With the rapid adoption of technology, especially AI, Cyber security is increasingly important. By 2025, it is estimated that cybercrime will cost the world $10.5 trillion annually. This cost will come as a result of loss of sensitive data, protected information, intellectual property, and governmental and industry information.
The company brings together expert capabilities, experience, and technical knowledge to deliver bespoke cyber solutions to meet board-level priorities and works closely with businesses to understand their unique wants and needs. CyberQ has demonstrated impressive traction to date and is well positioned to accelerate growth and further penetrate the $1.5tn annual cyber security market.
Christopher Woods, CEO of CyberQ says “As a Birmingham based business, CyberQ Group is delighted to be supported by Midven and the Midlands Engine Investment Fund. 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.”
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.”
Surjit Kooner, Investment Director at Midven says “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.”
The current MEIF investment phase has now completed with the British Business Bank launching the Midlands Engine Investment Fund II at the end of last month (February 2024).
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
