CyberSmart, a cybersecurity specialist for SMEs, has closed a £12.75m Series B fundraise

The London-based firm is working to give every business, no matter how small, the tools to protect themselves easily and effectively.

The round was led by Oxx, a leading European venture capital firm focused on growth round for SaaS startups.

Other investors include British Patient Capital (the commercial subsidiary of the UK government’s British Business Bank), Legal & General Capital and Solano Partners.

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Previous backers, including IQ Capital, Eos Venture Partners, Winton Ventures, and Seedcamp have also continued their support.

CyberSmart was founded in 2016 and the new investment will be used to expand commercial operations internationally and to continue to build out the cyber insurance offering.

Oxx partner Phil Edmondson-Jones, who is joining the board of directors as part of the round, said: “Very proud to be able to announce that we’ve led CyberSmart’s $15m Series B, alongside our friends at British Patient Capital, IQ Capital, Eos Venture Partners and Seedcamp.

“SMEs continue to be woefully under-protected from cyber risks, whilst it’s becoming much costlier for SMEs to access appropriate cyber insurance coverage.

“Cyber insurers themselves are struggling to design profitable business models to access this attractive customer segment.

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“I’m excited to join the board of the company to support Jamie Akhtar, Mike Aspinall and the rest of the stellar team in developing their insurance proposition further and accelerating international expansion.”