Praetura Ventures is investing £1m in a tech company that helps businesses defend themselves against customer-focused cyberattacks and improve the digital experience their websites offer to consumers.
The funding secured by Leeds-based RapidSpike will allow it to enhance and scale its product and expand its client base.
Praetura is VC fund that targets high-value sectors in the north of England.
RapidSpike was founded in 2015 by Andrew Mason and Robin Hill, and the business is now led by CEO Gav Winter, the founder of IT consultancy The Test People.
He joined in 2018 to drive the company’s growth. All members of the senior management team have previous experience of successfully building and exiting tech businesses.
The £1m investment by Manchester-based Praetura Ventures was led by Guy Weaver and Sim Singh-Landa.
RapidSpike CEO Gav Winter said: “The online retail market has been supercharged this year, sharpening the focus on both customer experience and security. Today’s online consumers are sophisticated and have high expectations of transactional websites, meaning companies must ensure an outstanding user experience. At the same time cybersecurity threats are increasing all the time and businesses are recognising that they must invest to protect themselves and their customers.”
Sim Singh-Landa, investment manager at Praetura Ventures, added: “RapidSpike is one of the most exciting young businesses in the North’s tech scene, with a unique platform that allows businesses to build safe, reliable and secure ecommerce websites. We have all seen the huge financial and reputational impact cyber breaches can have on businesses. RapidSpike is well-placed to support the growth in ecommerce and help to protect against the rise of cybercrime and particularly the Magecart threat.
“We’re confident that the investment, along with the value our knowledge and experience add, will help RapidSpike to become one of the world’s leading tech companies specialising in website performance and security at a time when there is huge demand for these services.”