Manchester, UK – 06 November 2024 – CloudGuard, a Manchester-based cybersecurity start-up, is celebrating a significant funding milestone from the Northern Powerhouse Investment Fund II (NPIF II) that will enhance its regional expansion and create up to 20 new cybersecurity jobs over the next 12 months.
Founded in 2020, CloudGuard specialises in automation and AI-led cyber attack detection, protection, and response services, enabling businesses to proactively combat threats in real time.
This multi-million pound investment will enable CloudGuard to expand its Manchester hub, increasing its workforce from 30 to 50, and boosting AI research in collaboration with local universities. CloudGuard raised the money from NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund.
Additionally, the funding will fuel the growth of the CloudGuard Cyber Academy, which aims to provide training and industry experience to individuals at all stages of their careers, from those entering the field to those looking to make a career change.
Under the leadership of CEO Matt Lovell and CTO Javid Khan, CloudGuard delivers highly responsive and adaptive cybersecurity solutions to SMEs and large enterprises across various sectors, including manufacturing, professional services, and utilities, improving security and cost efficiency.
This announcement comes as Dr. Richard Horne, head of GCHQ’s National Cyber Security Centre, highlighted a 50% increase in nationally significant cyber incidents compared to last year, emphasising the urgent need for enhanced collaboration to strengthen cyber resilience.
Matt Lovell, co-founder and CEO of CloudGuard, expressed his excitement about the investment:
We are thrilled to have secured this backing from the Northern Powerhouse. The complexity and volume of cyber events are increasing daily, making effective use of automation and AI fundamental to better detection, protection, response, and resolution.
As threats evolve, so must our capabilities. Quick response times are critical to mitigating the impact of cyber events and improving business resilience. CloudGuard is committed to providing more cost-effective, responsive resolution-based services with leading security solutions from Microsoft and other partners.
Manchester is our home, rapidly becoming one of the UK’s leading cyber hubs, and we are excited about the future growth this investment will enable.
Michael Rees, Investment Manager at Praetura Ventures, noted CloudGuard’s role in the local ecosystem:
Manchester has become a leading cybersecurity hub, thanks in part to the dedication of companies like CloudGuard in developing the next generation of cybersecurity specialists. Matt and Javid’s expertise and commitment to growth were key factors in our decision to invest. This investment not only supports CloudGuard’s ambitions but also contributes to the region’s development.
Sue Barnard, Senior Manager at British Business Bank, commented:
This investment highlights the North West’s position at the forefront of the UK cybersecurity industry. By providing businesses with vital investment opportunities, we can boost the growth of the Northern economy and create high-skilled job opportunities for the local community.
The £660m Northern Powerhouse Investment Fund II (NPIF II) spans the North of England, offering loans from £25k to £2m and equity investments up to £5m to support small and medium-sized businesses in starting up, scaling up, or staying competitive.
The mission of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the North of England, enhancing the supply and diversity of early-stage finance for smaller businesses.
About CloudGuard
CloudGuard is a Managed Security Services Provider (MSSP) and Microsoft Security Specialist focused on helping small to large-sized enterprises stay ahead of evolving cyber threats.
As a Cybersecurity Acceleration Partner, we’re changing the way businesses approach security, offering proactive threat detection, automated incident response, and hands-on support to lighten the load for busy IT teams.
Using advanced AI and automation, CloudGuard equips businesses worldwide with the tools and expertise to strengthen their security posture and navigate threats confidently. Our commitment to “Security Done Different” ensures organisations can build resilience, reduce risks, and focus on growth with confidence.
About the Northern Powerhouse Investment Fund II
- Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the South West’s smaller businesses at all stages of their development.
- The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
- Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
For investment by NRIL at the sub-fund level
- The investment from the Nations and Regions Investments Limited into CloudGuard does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
For investment by NPIF II sub-fund at the investee company level
- The investment from the Northern Powerhouse Investment Fund II into CloudGuard does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
