Birmingham law firm Shakespeare Martineau has advised cyber security and risk management experts Crossword Cybersecurity Plc on an oversubscribed fundraising of approximately £3.6 million.
The technology commercialisation company will invest the funds into sales and marketing resource for product development, geographical expansion to support the 24/7 monitoring services, and general working capital purposes.
Keith Spedding, corporate partner at Shakespeare Martineau, led the team advising Crossword. It is the second placing a week the team has advised on following a subscription for Cizzle Biotechnology Holdings.
Keith said: “With increasing cyber threats, it is not surprising to see investor interest in quality companies operating in this area like Crossword. This, along with the Cizzle deal, proves there is money available on the public markets for good companies with good products. It’s great to work with such companies.”
Tom Ilube, CEO of Crossword, said: “I am delighted with the continued support we have received from our shareholders, and to welcome new shareholders in this latest fundraising.
“In 2022, we remain confident in growing our revenues by circa 75% to £4 million. Looking ahead and with this latest round of funding and the visibility on our commercial discussions, the board is confident of delivering 50% YOY revenue growth in FY 2023 – taking revenues to £6 million.”
Hybridan LLP acted for Crossword on the placing.
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