Irish-founded OnSecurity raises £5.5m in first funding round

5 days ago

CEO and co-founder Conor O'Neill. Image: OnSecurity

As its clients continue to grow, the UK start-up plans to double its headcount from 35 to 70 over coming years.

Irish-founded cybersecurity start-up OnSecurity has raised £5.5m in a Series A investment round led by Gresham House Ventures.

In an announcement today (10 June), the Bristol-based company co-founded by Conor O’Neill said that the latest funding is its first round of equity since it was established in 2018.

“I’m super proud of what the OnSecurity team has achieved as a bootstrapped business to date,” said O’Neill. “With no funding, we’ve grown a multimillion-turnover business with almost 300 customers, and we’ve developed a truly powerful piece of technology in the OnSecurity platform, which makes booking and managing pentests [penetration testing] as simple as possible.”

Olivia Tanner, content and communications manager at OnSecurity, said that the start-up will use the investment from Gresham House Ventures to accelerate growth more quickly and increase funding for research and development.

According to Tanner, OnSecurity has nearly 300 customers and has completed more than 5,000 pentests to date. As clients continue to grow, the start-up plans to double its headcount from 35 to 70 over the next few years.

Despite having bootstrapped the business until now, O’Neill said the “time was right to really accelerate our growth” by announcing a funding round.

“Every conversation we have with them [Gresham House Ventures] is of high value, and they’re also a really nice bunch of people to work with, which is very important to us. I’m excited to go on this journey with them over the next few years as we grow into one of the dominant players in the pentest market.”

Steve Carle, operating partner at Gresham House Ventures, said that OnSecurity has built a “robust and differentiated” platform in a market that has historically been “plagued” with manual processes and poor customer experience.

“We believe the business is well-placed to expand its client base further over the coming years and support businesses and organisations worldwide in the face of new cybersecurity challenges.”

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Vish Gain is a journalist with Silicon Republic