OnSecurity, a UK-based provider of penetration testing (pentesting) services, has secured a strategic growth investment of £5.5 million from Gresham House Ventures. This marks the cybersecurity firm’s first external funding round since its inception in 2018.
OnSecurity has carved a niche in the cybersecurity landscape by specialising in pentesting, a process that simulates cyberattacks to identify vulnerabilities in an organisation’s IT infrastructure. The company, previously bootstrapped and profitable, aims to leverage this investment to accelerate its growth trajectory.
Back in April, we had seen how Thoma Bravo had announced to acquire UK cybersecurity unicorn Darktrace for $5.3B. It’s an interesting read too.
How will the funding be used
The funding will primarily fuel two strategic initiatives: first, a significant boost to OnSecurity’s research and development (R&D) efforts, specifically geared towards their pentesting platform. Second, the company plans to expand its headcount from 35 to 70 employees in the coming years to support its ambitious growth plans.
What is OnSecurity platform
OnSecurity’s vision is to establish itself as the world’s leading platform for pentesting engagements. Their proprietary platform simplifies the entire process, making it easier for clients to book, manage, and gain insights from pentesting services.
“I’m incredibly proud of what the OnSecurity team has achieved as a bootstrapped business. Despite the lack of external funding, we’ve built a multi-million pound business with a loyal customer base of nearly 300. We’ve also developed a powerful platform that streamlines the pentesting process. However, we believe the time is ripe to accelerate our growth through strategic investment. Gresham House Ventures stood out as our ideal partner from the very first conversation. Their expertise and collaborative approach are invaluable assets as we embark on this exciting journey towards becoming a dominant player in the pentesting market.”
Steve Carle, GHV Operating Partner at Gresham House Ventures, acknowledges OnSecurity’s innovative approach. He said, “OnSecurity has established itself as a leader in the pentesting space with a robust and differentiated platform offering. Traditionally, the pentesting industry has been hampered by manual processes and a subpar customer experience. OnSecurity addresses these issues head-on. We are confident that OnSecurity is well-positioned to expand its global client base and empower businesses to address ever-evolving cybersecurity challenges. We look forward to collaborating with Conor, Grace, and the entire OnSecurity team in bringing their innovative solutions to a wider audience.”
What we think about the startup
This significant investment signifies investor confidence in OnSecurity’s ability to disrupt the pentesting market with its technology-driven approach. The additional funding will empower OnSecurity to enhance its platform, expand its talent pool, and solidify its position as a leading provider of pentesting services on a global scale.
