Boxphish secures BGF backing to accelerate growth

The Leeds-based human risk management business has raised £3.25 million to accelerate investment into product, people and partners.

24 April 2024

Boxphish, a Leeds-headquartered human risk management business, has announced a £3.25 million investment from BGF.

Boxphish’s suite of cybersecurity training courses, customisable phishing simulations, and data analytics equips organisations, and their teams, with the tools and knowledge needed to mitigate the risk of falling victim to cyber attacks.

Founded in 2020, by serial entrepreneurs Henry Doyle and Dan Bailey, alongside CEO Nick Deacon-Elliott, Boxphish has quickly established itself as one of the rising stars in the UK human risk management sector. It has a growing customer base and library of training courses that offer highly relevant content to meet the needs of organisations from across a broad range of sectors and sizes, working with the likes of North Yorkshire Council, University of Cambridge, and Leeds United FC.

The funding from BGF will allow management to accelerate investment into product, people and partners, as Boxphish looks to enable even more organisations to stay ahead of what continues to be a rapidly evolving threat landscape.

Commenting on the deal, Boxphish CEO Nick Deacon-Elliott, said: “We’ve been scaling at real pace over the past few years. By combining relevant and interactive training with real-world phishing simulations and data-driven dashboards, we’re helping organisations identify, reduce and report on their human cyber risk, delivering real value to our clients.”

“We’ve known BGF for a number of years and are now at a stage where partnering with an experienced, long-term, minority investor with a strong track record of working with other regional tech companies is the the right thing to do.”

The deal was led by Rob Johnson, Investor in BGF’s Yorkshire & North East team, who will join the Boxphish board. He said:

“We’re delighted to be backing a highly-experienced and commercial team in Nick, Henry and Dan, who have established the foundations for continued growth over the coming years. We look forward to working closely with Boxphish and leveraging the wider BGF network, to help the team accelerate their product and commercial strategy, as we look to cement Boxphish’s reputation as one of the most exciting, up-and-coming players in the human risk management space.”

As part of the investment, Andy Dancer has also joined the board, as Non-Executive Chair, following an introduction from BGF’s Talent Network – one of the largest groups of board-level non-executives in the UK and Ireland. Andy brings a wealth of experience in founding, scaling, and exiting other tech-focused businesses, and will support the team in refining and executing its growth strategy.

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