£2.7m raised

Quorum secures funds for global growth plan

Frederico Charosky

Federico Charosky: growth will be sustainable

Quorum Cyber Security has raised £2.7 million from Maven Capital Partners and the Scottish Investment Bank that will enable the Edinburgh-headquartered company to scale up.

The deal was instigated by Quorum’s managing director Federico Charosky, who has a 40% stake in the 25-employee business and will use the funds to invest in sales and marketing, as well as product innovation.

Mr Charosky said: “This deal will enable Quorum Cyber to continue growing in a sustainable way.”

David Millroy, a partner at Maven Capital Partners, said: “The senior team have already created a strong business and there is significant opportunity to scale operations globally, with further expansion already under way in the Middle East, Australia, South Korea, and North America.”

Neal Allen, director at financial advisory firm HNH, an adviser to Quorum, said: “While Covid-19 and Brexit have created a challenging financial climate, this growth capital investment demonstrates that there is appetite for growth and investment in Scottish business.

“It was very encouraging that there was a lot of interest among Scottish based private equity/venture capital funds.”

Other advisers to Quorum Cyber Security were MBM Commercial (legal) and Chiene + Tait (tax).

Advisers to Maven were: Burness Paull (legal), Quest Corporate (financial) Intuitus (technical), Confidas People (management) and Lockton (insurance).

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