Plexal has acquired a majority shareholding in Cheltenham-based cyber and tech co-working space Hub8.

With an existing presence in London and Manchester, Plexal’s latest acquisition is part of an ongoing mission to build the UK’s most connected cyber ecosystem.

Plexal first started engaging in the South West region in 2019, beginning a collaborative relationship with Hub8.

The acquisition builds on the regional and comes amidst the development of an innovation space at Cheltenham’s Minster Exchange in partnership with Cheltenham Borough Council.

Plexal has a strong track-record in the cyber and national security space, with the company’s CCO Saj Huq being a member of the National Cyber Advisory Board.

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To date Plexal has supported almost 500 cyber startups and scaleups on their growth journey through multiple innovation programmes, and was responsible for the DCMS-backed LORCA (London Office for Rapid Cybersecurity Advancement) accelerator.

Plexal was founded by DV4, a long-term investment fund advised by Delancey.

Cheltenham is the natural home of the UK’s cyber ecosystem given GCHQ’s more than 70-year heritage in the region.

Plexal plans to build on the town’s existing credentials to deliver an ambitious vision to make the South West region the cyber capital of the UK

In 2021, Plexal and Hub8 collectively won the National Cyber Security Centre (NCSC) Innovation Partner programme, dedicated to working with startups to help them develop and pilot their solutions, adapting their technology to new cyber challenges.

Plexal CEO Andrew Roughan (pictured) said: “We’re delighted to be entering a new phase of growth for Plexal and see this move as a key step as our company becomes more firmly embedded within the UK’s ambition to develop a world-class cyber sector.

“At Plexal, we’re focused on solving society’s challenges through collaboration with government, startups and industry to unlock prosperity and reinforce national security.

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“With the South West region emerging as the preeminent hub for cross-sector collaboration in cyber and national security, it was clear we fit into the heart of that ecosystem and are excited to help drive its future growth and development, as we close the gap between regions.”

Bruce Gregory, managing director of Hub8, added: “I’m excited to bring our companies even closer together and the opportunity this will have for our community to connect with other key locations across the UK where government, industry, startups and academia can collaborate to unlock innovation.”

Plexal was founded in 2017 and is owned by clients of specialist real estate investment advisory company Delancey.