Software platform Hicomply has raised 拢3 million from growth capital investor BGF.
The technology business enables SMEs to protect business data and effectively manage information security compliance.
Hicomply gives companies the tools to build their information security management system, which secures data and reduces risk in the supply chain and the threat of data breaches and associated fines.
The funding will allow the business to accelerate growth through investment in sales and marketing, as well as continuing to develop its technology.聽聽
鈥淭he rapid acceleration of digital transformation in a remote working world and the consequent increased cyber risk has seen data security rising to the top of the agenda for many businesses,鈥� said CEO Ed Bartlett.聽
鈥淲e鈥檙e ideally placed to support SMEs to improve governance and protect their people, operations, and intellectual property assets.聽聽
鈥淲e were looking for an investor with a strong track record in our sector but one who also understood our business and could support a clear roadmap to achieve our long-term ambitions.聽
鈥淲ith BGF鈥檚 backing, we can accelerate our own expansion and empower more businesses to access our technology, ensuring robust compliance.鈥澛�
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This is the third North East technology investment for BGF in the past 12 months, following its 拢14 million funding for tech-enabled procurement platform Bloom and its investment in Stockton-based Datum360 last November.聽聽
Chris Boyes, an investor in BGF鈥檚 Yorkshire and North East team led the deal. He said: 鈥淭he North East benefits from a rapidly growing tech sector with access to excellent talent because of the universities and global organisations based there.聽聽
鈥淚t鈥檚 fantastic to be backing another innovative business like Hicomply, which is making a positive impact in the region, creating jobs and economic growth, as well as improving the commercial prospects of the UK SMEs that its technology supports.聽
鈥淲e look forward to working with the team to achieve the company鈥檚 growth ambitions.鈥澛�