A UK company whose platform enables businesses to monitor their cybersecurity and rapidly detect threats has raised a further £250,000 from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia.
The latest investment will enable Newcastle-based Melius CyberSafe to increase its market share following the launch of a new and more powerful version of its platform earlier this year. The CyberSafe platform, which aims to make ‘big business security’ accessible for SMEs, was originally developed in 2022 using funding from Mercia and the NEVF.
The system monitors a company’s IT network, website and mobile apps around the clock and automates the process of penetration testing, simulating attacks to detect weaknesses. It also helps users gain accreditation to standards such as Cyber Essentials and CE+ by showing they have monitoring in place. Melius CyberSafe clients include Virgin Wines, Crafter’s Companion and Jules B.
Melius CyberSafe has almost doubled its annual recurring revenue (ARR) to over £500,000 over the past 12 months and is on course to reach £1m in year ahead. The company has also signed up a number of key distribution partners. The latest funding round brings the total raised to date to £1.6m and comes amidst growing concerns about cybersecurity.
“The recent attacks on leading retailers should be a wake-up call for every company. CyberSafe aims to make cybersecurity accessible for businesses of all sizes, enabling them to rapidly detect any threats and take swift action. We would like to thank Mercia and the NEVF for their support to help us develop the platform, bring it to market and – with this latest funding round – to further expand our reach.”
Richard Brown, CEO of Melius CyberSafe
“Mercia has in-depth experience in the cybersecurity sector, and we are proud to have played a key role in the success of Melius CyberSafe. Traditional cybersecurity is beyond the reach of many small firms due to the high cost but CyberSafe helps to solve this problem by automating key processes. With businesses under attack from criminal gangs and hostile states, the need for it is arguably greater than ever.”
Ian Wilson, Fund Principal at Mercia
About Mercia Ventures
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.
Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. Mercia Asset Management PLC currently has c.£1.4billion of assets under management and, since its IPO in December 2014, has a portfolio of over 400 start-ups from pre-seed to Series B. Mercia Asset Management PLC is quoted on AIM with the epic “MERC”.
The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham.
The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website.
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
