Glasswall, a cybersecurity technology group, has raised £18 million in additional equity capital to finance its continued expansion.
The funding round was led by IPGL, Lord Spencer’s private investment group, and a number of other high net worth investors including Lord Rose, Chairman of Ocado, Lance Uggla, Chairman and CEO of IHS Markit and Andy Bell, founder and CEO of AJ Bell.
The funds raised will be invested in advancing Glasswall’s next stage of growth with a focus on product development, engineering, sales and marketing.
Glasswall’s sales are expected to surpass £4.5 million this year following two successive years achieving over 50% growth.
IPGL, which first backed the business in 2018, is investing a further £9.5 million in the business and will emerge as a 44% shareholder.
Danny Lopez, Glasswall’s CEO, comments: “We are extremely pleased with the success of this fundraise, the continued and much valued support shown by Michael Spencer and IPGL, and the enthusiasm of our most recent investors. These funds will enable us to focus on an ambitious and exciting next chapter of growth for the company.
Lord Spencer comments: “As someone who has run a number of technology-critical businesses in my career I was immediately struck by Glasswall’s security offering when I first invested in 2018. Since then the business has proven the efficacy of its CDR technology and is now ready
to open itself up to a much broader market, in which I feel confident it will do extremely well, so I was very happy to be the cornerstone investor in this fresh funding round.”