Trowers & Hamlins has advised Hybridan on its role as sole broker to Crossword Cybersecurity plc (AIM: CCS) on its oversubscribed £1.6m fundraising. Hybridan led the EIS and VCT qualifying fundraising, carried out by way of placing and subscription, and introduced several new institutional investors to the company.
AIM-quoted Crossword Cybersecurity is a technology commercialisation company focused on cyber security and risk management. It has two principle areas of activity, being: (i) the development and commercialisation of university research-based cyber security and risk management related software; and (ii) cyber security consulting.
The proceeds of the fundraising will be applied to drive growth in the company's Rizikon Pro platform, an out-of-the-box version of its supplier assurance platform which was launched in July 2020 and is already being used by over 100 organisations. Additionally, the company intends to apply proceeds to increase sales and marketing resource, for product development and support, and for general working capital purposes.
Corporate Partner, Ed Hooper, led the Trowers team, assisted by Isabelle Kilner. Ed commented:
“It was a pleasure to work again with Hybridan and Crossword Cybersecurity, building upon our relationships and knowledge of the business having also advised on last year's fundraising and the AIM IPO before that. We congratulate Hybridan once again on another efficiently run fundraising exercise and are excited to see the continued growth of the company.”
Claire Noyce, Managing Partner and Chief Executive of Hybridan, said:
“We are pleased to have delivered another successful fundraising for Crossword Cybersecurity. We are very grateful to Ed and Isabelle for their continued support, their commercial approach and responsive advice ensuring that we closed out this transaction smoothly and quickly.”