Birmingham's CyberQ Group Secures £1m Funding for Global Expansion

By Anushka Malhotra

1 minute 15 seconds

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Quick Read: Birmingham-based CyberQ Group secures £1 million funding from MEIF for global expansion, addressing the growing demand for cybersecurity solutions. The investment positions CyberQ Group to enhance its operations and contribute to the global fight against cyber threats.

Birmingham-based cybersecurity firm CyberQ Group has successfully secured £1 million in funding from the Midlands Engine Investment Fund (MEIF), positioning the company for further growth to meet increasing global demand. CyberQ Group, with operations in the Philippines and the US, specialises in delivering tailored cybersecurity solutions for businesses, combining expert capabilities and technical knowledge.

The funds, obtained through the MEIF West Midlands equity fund managed by venture capital firm Midven, part of the Future Planet Capital Group, will empower CyberQ Group to expand its operations and address the rising cybersecurity needs of businesses globally.

Photo: Vishvas Nayi, Sophie Dale-Black, Louis Taylor, Chris Woods, Surjit Kooner, Jody Tableporter, Elizabeth Gooch, Tracy Sherratt (Photo Credit: CyberQ)

Christopher Woods, CEO of CyberQ, expressed the company's delight at being supported by Midven and MEIF, emphasising the growing importance of cybersecurity in the face of rapid technological advancements.

The current MEIF investment phase has concluded, with the British Business Bank launching Midlands Engine Investment Fund II in February 2024. Surjit Kooner, Investment Director at Midven, highlighted CyberQ's potential to enhance cybersecurity across various industries and expressed anticipation about being part of the company's journey.

Mark Wilcockson, Senior Investment Manager at the British Business Bank, emphasized CyberQ's commitment to cyber protection, stating that the funding would support the company's growth in the UK and global operations, contributing to the local economy and creating a positive impact.

Midven noted CyberQ's impressive traction to date and its strategic position to accelerate growth in the $1.5 trillion annual cybersecurity market. A report highlighted that UK businesses lost £2.1 billion to fraud and cyber threats last year, with global cybercrime estimated to cost $10.5 trillion annually by 2025.

The MEIF, supported by various entities including the European Regional Development Fund, the European Investment Bank, and the Department for Business, Energy, and Industrial Strategy, plays a crucial role in fostering innovation and economic growth in the region.

What's new

DigiSpinWM Pilot Celebrates Milestone as 11 Investor-Ready Innovations Emerge in the West Midlands

The DigiSpinWM pilot programme, a bold initiative designed to accelerate the spin-out of digital and advanced manufacturing innovations in the West Midlands, has marked a key milestone with a showcase event in Birmingham, unveiling 11 investor-ready ventures developed over the past six months.

Transforming Ideas into Investment Opportunities

Backed by Research England and delivered through a partnership between the University of Wolverhampton, Coventry University, and Birmingham City University via the West Midlands Combined Universities, the programme set out to test a collaborative model for commercialising innovation more efficiently and effectively.

In just six months, DigiSpinWM has:

- Assessed over 40 high-potential technologies for commercial viability
- Delivered tailored support to participants on spin-out strategy and intellectual property development
- Nurtured 11 ventures to investment readiness
- Developed a shared framework for technology transfer across participating universities

The recent showcase celebrated these achievements, spotlighting innovations spanning early-stage development to near-market solutions with the potential for significant societal and economic impact.

A Regional Model for Innovation

Ceri Jones, Director of Research & Enterprise at the University of Wolverhampton, reflected on the programme’s success:

The DigiSpinWM pilot has been a transformative journey. Seeing 11 investor-ready ventures emerge from such a collaborative, regional approach shows what’s possible when we unify efforts across institutions. These spinouts will drive real-world change and position the West Midlands at the forefront of digital and advanced manufacturing.

The pilot’s success is also credited to a strong ecosystem of academic mentors, business advisors, and industry reviewers who provided essential support and guidance to participants.

The showcase event featured live pitches from select ventures to an audience of investors, stakeholders, and innovation leaders, marking a key step towards unlocking the funding required to bring these innovations to market.

With the DigiSpinWM model proving its value, the programme signals a new chapter for spin-out activity in the West Midlands—one built on collaboration, shared infrastructure, and investment-ready innovation.

By Anushka Malhotra

8 Jun