British cyber security startup secures £2.1m funding as supply chains hit the headlines
29 October 2021
The Risk Ledger platform is a first-of-a-kind global network of connected organisations, all working together to defend as one against cyber attacks.
British cyber security company, Risk Ledger, has raised £2.1 million in seed funding. The funding round was led by Finnish VC Lifeline Ventures with participation from Seedcamp, firstminute Capital, Episode 1 and Village Global. This news comes hot on the heels of a flurry of new customers including NHS Test and Trace, wealth management giant Quilter, and tech unicorn Snyk and others.
The platform's game-changing approach makes it ideal for almost any organisation trying to identify, measure and mitigate supply chain risks regardless of industry.
Supply chain cyber breaches often result in personal data such as payment details, addresses and medical records being accessed by unauthorised third parties. Major supply chain cyber security breaches in 2021 at Accellion, Solarwinds and Microsoft have put the challenge of defending against supply chain breaches at the top of the agenda for every large organisation globally.
Haydn Brooks, Founder and CEO at Risk Ledger, commented: “The past 18 months have been a period of rapid growth in the company. We grew our client base and our user numbers have sky-rocketed, despite the significant economic disruption caused by the pandemic. We have expanded the product into non-cyber security factors, including ESG and financial supply chain risks.
“Testament to the wider scope of the platform, we are now engaging procurement leaders in companies as well as their information security counterparts. This investment will help us grow our team and operations to fully capitalise on the heightened focus on supply chain security driven by all the new regulations and high-profile breaches.”
Risk Ledger's client base includes a wide range of organisations, including NHS Test & Trace, BAE Systems Applied Intelligence, City of London Police, Schroders Personal Wealth and ASOS among others. Recently, the Risk Ledger platform was able to help the NHS Test & Trace team identify complex vulnerabilities in multiple interdependent suppliers that provide key reagents to the organisation. These systemic risks within supply chains often go undiscovered and, in this case, could have caused weeks of disruption to the UK’s ongoing COVID-19 response in the event of a cybersecurity incident.
Petteri Koponen, Founding Partner at Lifeline Ventures, said: “We wanted to be part of Risk Ledger’s growth journey because they have the right product at the right time. With supply chain breaches becoming mainstream and regulators globally mandating better management of the risks, the Risk Ledger platform is in a fantastic position to become the industry agnostic tool of choice and penetrate the market extensively.
"The potential for the platform to proliferate virally is also unique. Capturing 30% of the UK water market in just over a year shows this possibility which is exciting for us.”