Precursor continues Newcastle recruitment drive with North East Fund backing
Uploaded by Suzanne Smith in Recent Investments, Growth Capital Fund on October 8, 2024
An ambitious cyber security firm is continuing to build its North East presence with the help of a six-figure investment from the North East Fund.
Precursor Technology Group provides a full range of cyber security services which help businesses stay secure, including cloud security, continuous security testing, backup and restore solutions, and incident response and penetration testing, through which the firm’s security experts test companies’ susceptibility and resistance to cyber attacks.
Precursor opened a new 24×7, 365 days per year , Security Operations Centre based in Newcastle earlier this year as part of its expansion outside its home Yorkshire region, creating an initial ten jobs in the process.
And it has now worked with regional fund management firm NEL Fund Managers to bring in the investment from the North East Growth Capital Fund Supported by the European Regional Development Fund to help it continue to attract the expertise needed to meet growing client demand.
A further 8 new jobs are expected to be created by the end of the year, taking the total team at Precursor’s Newcastle secure operations centre to 18 people, while the business is also using the investment to introduce a number of cutting edge detection and monitoring systems to further enhance its capabilities.
Founded in 2018, Precursor Technology Group works with a wide range of public and private sector organisations. and is certified by the UK’s leading cyber security accreditation body, the Council of registered Ethical Security Testers (CREST).
The Security Operations Centre based in Newcastle has already gained the CREST certification, positioning them in an elite group of organisations worldwide who are certified at that level.
The Precursor management team was introduced to NEL Fund Managers by its chairman, well-known North East entrepreneur and tech investor Neil Stephenson, who has since agreed to become Chairman of the Group.
Neil and his business partner Stuart Bramley who are both prolific Angel Investors contributed to the funding round and are actively supporting the business.
Stuart Bramley commented “I know Scott and the team well, and making the decision to invest in their growth was an easy one. They provide a service required by business of all sizes”
Scott Cardow, CEO at Precursor Technology Group, says: “The talent pool available in the North East was one of the drivers in choosing Newcastle as the location for our second base, and we’re extremely pleased with the progress we’ve made so far in building our expert team here.
“The importance of taking a proactive approach to managing cyber threats, and the potential issues of not doing so, are becoming ever more clearly understood by businesses of all sizes”.
“Having a 24/7 monitoring system in place gives businesses peace of mind that, no matter what time of day a cyber attack may occur, our team is always there to act on it and keep their systems safe.
“NEL’s longstanding reputation in the North East and the flexible investment options it offered made working with them the right choice for us at this point, and we’re ready to move into the next phase of our North East expansion.”
Jane Siddle, senior investment executive at NEL Fund Managers, adds: “Precursor has made a strong commitment to the North East that is resulting in significant job creation and investment here, and we’re very pleased to be part of their continuing success story.”
The North East Growth Capital Fund has been designed to create around 790 jobs in more than 70 regional firms over the life of the programme and offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
The overarching £153m North East Fund will provide financial support for more than 600 businesses, creating around 2,500 jobs and delivering a legacy of up to £80m for further investment into the region.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.