Birmingham's CyberQ Group Secures £1m Funding for Global Expansion

By Anushka Malhotra

1 minute 15 seconds

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Quick Read: Birmingham-based CyberQ Group secures £1 million funding from MEIF for global expansion, addressing the growing demand for cybersecurity solutions. The investment positions CyberQ Group to enhance its operations and contribute to the global fight against cyber threats.

Birmingham-based cybersecurity firm CyberQ Group has successfully secured £1 million in funding from the Midlands Engine Investment Fund (MEIF), positioning the company for further growth to meet increasing global demand. CyberQ Group, with operations in the Philippines and the US, specialises in delivering tailored cybersecurity solutions for businesses, combining expert capabilities and technical knowledge.

The funds, obtained through the MEIF West Midlands equity fund managed by venture capital firm Midven, part of the Future Planet Capital Group, will empower CyberQ Group to expand its operations and address the rising cybersecurity needs of businesses globally.

Photo: Vishvas Nayi, Sophie Dale-Black, Louis Taylor, Chris Woods, Surjit Kooner, Jody Tableporter, Elizabeth Gooch, Tracy Sherratt (Photo Credit: CyberQ)

Christopher Woods, CEO of CyberQ, expressed the company's delight at being supported by Midven and MEIF, emphasising the growing importance of cybersecurity in the face of rapid technological advancements.

The current MEIF investment phase has concluded, with the British Business Bank launching Midlands Engine Investment Fund II in February 2024. Surjit Kooner, Investment Director at Midven, highlighted CyberQ's potential to enhance cybersecurity across various industries and expressed anticipation about being part of the company's journey.

Mark Wilcockson, Senior Investment Manager at the British Business Bank, emphasized CyberQ's commitment to cyber protection, stating that the funding would support the company's growth in the UK and global operations, contributing to the local economy and creating a positive impact.

Midven noted CyberQ's impressive traction to date and its strategic position to accelerate growth in the $1.5 trillion annual cybersecurity market. A report highlighted that UK businesses lost £2.1 billion to fraud and cyber threats last year, with global cybercrime estimated to cost $10.5 trillion annually by 2025.

The MEIF, supported by various entities including the European Regional Development Fund, the European Investment Bank, and the Department for Business, Energy, and Industrial Strategy, plays a crucial role in fostering innovation and economic growth in the region.

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Inicio AI Raises £2.6M in Seed Round to Scale AI-Powered Financial Platform

Inicio AI, a Coventry-based fintech innovator, has raised £2.6 million in seed funding to fuel growth and roll out its FCA-regulated consumer affordability platform.

The funding round was supported by a consortium of high-profile investors, including Rigby Group, Morgan Stanley, Haatch Ventures, Angel Academe, Mint Ventures, and a number of individual angel investors. It also includes a £500,000 investment from the West Midlands Co-Investment Fund (WMCO), managed by Midven, part of Future Planet Capital.

The raise follows Inicio AI’s recent win at Birmingham Tech Week’s OneToWin pitch competition, where it earned recognition for Budgie AI, its intelligent virtual agent designed to help individuals better manage their finances.

The funds will be used to scale the company’s operations, including the launch of the UK’s first FCA-regulated specialist consumer affordability passporting service. This innovation will allow consumers to share verified affordability data with third parties, streamlining financial assessments across sectors.

The company also plans to grow its West Midlands headquarters, adding new talent in tech and data roles to support ongoing development.

Rachel Curtis, CEO of Inicio AI, commented:

“This investment, alongside our OneToWin recognition, represents a major milestone. It enables us to enhance our technology, scale our impact, and help more people take control of their financial future while improving efficiency for lenders.”

The WMCO, jointly launched by the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund, aims to back high-growth SMEs driving innovation and economic growth in the region through matched equity investment of up to £1 million.

Richard Parker, Mayor of the West Midlands and WMCA Chair, said:

“Inicio AI is a fantastic example of regional innovation. With the right investment and support, local companies like this can launch groundbreaking solutions that improve lives and grow our economy.”

Rupert Lyle, Investment Director at Midven and Fund Principal of WMCO, added:

“Inicio AI’s cutting-edge approach to affordability assessments is reshaping how the financial sector operates. We’re excited to be part of their journey.”

By Anushka Malhotra

16 Apr

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