Locks and Security News: your weekly locks and security industry newsletter
4th December 2024 Issue no. 732

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Boost for cybersecurity sector as Allica Bank and Heligan agree £multi-million funding deal

Allica Bank and investment and advisory group Heligan have agreed a multi-million pound funding deal to support the expansion of one of Heligan’s portfolio companies, cybersecurity firm Interrupt Labs. 

Interrupt Labs has seen significant growth over the last couple of years and has its sights set on further expansion in 2025.

The Basingstoke cybersecurity business is a world-leading vulnerability research consultancy that works with government departments to identify vulnerabilities and weaknesses in their technical infrastructure.  

The funding Interrupt Labs  secured from Allica, through its primary investor Heligan, will enable the firm to almost double its headcount, supporting plans for growth into the US and the launch of new products in existing markets.

The global cybersecurity sector has been booming of late as governments and organisations respond to increasing threats posed by criminals, terror groups and foreign governments. However, due to the relative infancy of the sector, cybersecurity businesses often struggle to find a lender willing to support them with the finance they need to invest and meet these threats. 

Allica and Heligan say their collaboration  is a result of two businesses acknowledging the need for investment in the sector and using their combined expertise to make it a reality. Heligan, who have a broad investment portfolio that includes a number of cybersecurity businesses, says it’s critical that the sector gets the investment it deserves. 

“Heligan work with a number of world-leading, Security Technology businesses, all of which undertake  critical work to help protect organisations and governments from cyber threats,” Sam Lewis, Director of Debt Advisory at Heligan Corporate Finance said.

“Yet many of them share the same experience when it comes to finding the finance they need to grow, which is that lenders often don’t have the right expertise to make it happen. It means many promising firms winning and fulfilling important contracts  are left with few options.

“Thankfully, by working with Allica, we’ve found a partner that is able to look at each finance application individually. Jon Bennett, our business development manager, had the seniority and experience to identify the opportunity for Interrupt Labs and find a way to help them. We hope by continuing this collaboration  it will give a real boost to the cybersecurity sector at a time when it sorely needs it.”

Jon Bennett, Business Development Manager at Allica Bank, commented, “we’re delighted to support Interrupt Labs with this growth finance facility. We know how hard it can be for these kinds of businesses to find finance, which is why we think it’s so important to look individually at each and every business that asks for our support.

Heligan has been a fantastic partner to work with on this. They’ve been proactive and responsive in trying to find the best for their portfolio business, and place just as great a value on relationships as we do at Allica. We’re looking forward to working with their team in future”, concluded Bennett.

https://www.interruptlabs.co.uk | https://www.heligangroup.com | https://www.allica.bank

About Heligan Group 

Heligan Group is an intelligence led investment and advisory group specialising in partnering with businesses that contribute to global safety and security. With a growing presence across various geographies, Heligan Group stands as a leader in its field, combining expertise with innovation.

About Allica Bank

Allica is a no-nonsense business bank, built especially for established businesses with between 5 and 250 employees. 

These businesses make up a third of UK employment and turnover, yet the service they get from the big banks is increasingly impersonal, inconvenient, and poor value. Allica Bank is on a mission to give established businesses the no-nonsense banking they deserve. That means a current account with no monthly fees, a relationship manager whose name and number they actually know, and technology that makes life easier, not harder. 

It’s how business banking used to be, just better.

Allica was recently named as Britain's fastest-growing private company in 2024’s The Sunday Times 100, and are also the fastest-growing fintech company in the 26-year history of Deloitte’s UK Technology Fast 50 awards. It also revealed in 2023 that it achieved its first full year of profitability and had lent over £2 billion to established UK businesses.

 Allica’s ambition is to gain 10% market share in the next five years in order to help change the SME market for the better.

Allica is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. Financial Services Register Number: 821851

13th November 2024