North East information security software company gains £600,000 investment
Durham-based software-as-a-service company Hicomply has received £600,000 investment to tackle the growing global issue of business information security.
Hicomply has developed a software platform that gives any business the tools to build information security systems, protect sensitive data and manage all the associated complexity and risk.
The funding, from angel investors and the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, will help Hicomply to complete development of its product, launch and scale up the business.
The company is led by experienced local entrepreneurs Ed Bartlett, Nick Graham and Marius Van Aswegen who previously founded, built and sold Kykloud to Accruent, the US-based property asset management software company.
Ed Bartlett, CEO said,
“According to IBM, the average cost of a data breach in 2020 was £2.9 million. Yet most businesses are left with inefficient, costly and paper-heavy manual processes to manage this risk. Our information security software enables businesses to secure their data more efficiently, win more business while reducing the risk of costly data breaches and ICO fines.
This investment from Northstar Ventures, will help fast track the launch our information security solution into global market.”
Stephen Price, Investment Director with Northstar Ventures said,
“We are pleased to be able to support Hicomply and invest in this highly innovative product. The landscape for information security management is changing, with risks ever increasing, and Hicomply has huge potential in this rapidly expanding market. We are confident that with this investment and the proven skills and experience of the management team, the company will be able to expand rapidly and make a real impact globally.”
Northstar Ventures Limited
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We have been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises in the region. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro-business or two.
Information About the North East Fund
The North East Fund is a suite five venture capital and loan funds which was established in April 2018, to invest £120m in around 600 North East businesses in the period to March 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities
Information About the European Regional Development Fund
The North East Fund will receive up to £58,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
Information About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm