A Leeds-based cybersecurity training company has secured a six-figure sum from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund (NPIF).
The funding will help Boxphish to expand its customer operations and its presence in new markets including Europe and the Middle East. Boxphish provides automated training programs and phishing simulations to help companies improve staff awareness and minimise the risk of cyber attacks.
The platform now supports over 400,000 users in organisations including Cambridge University and Delta Multi Academy Trust as well as 15% of UK councils and police forces. It expects to double its user numbers in the year ahead.
Boxphish delivers programs to employees in over 17 countries and has already attracted clients across mainland Europe and the Middle East. The funding will enable it to further develop its product to extend its presence there and target other emerging markets. The company plans to expand its existing team with the creation of six new jobs focusing on customer operations.
Boxphish is led by CEO Nick Deacon Elliott. He said: “Human error is involved in over 90% of cyber-attacks, so educating users is the first line of defence against cybercrime. Our training helps to create the ultimate human firewall. We recognise there is potential to reach a global audience. We also want to double down on our customer success programme and product roadmap in line with our vision to become the best value security awareness training provider.“
David Wright of Mercia added: “Boxphish provides a cost-effective weapon in the corporate battle against cybercrime. The company has been growing rapidly on the back of strong demand and the loan will help it focus on growing sales in specific export markets.”
Sean Hutchinson at the British Business Bank said “The Northern Powerhouse Investment Fund has always aimed to help ambitious businesses achieve their goals. Boxphish is a company that has immense potential in bringing greater cyber resilience to the digital landscape. We’re pleased to be supporting the growth of its team and plans for further expansion. ”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.