A Manchester-based cybersecurity firm, usecure, has raised its first investment round after nine years of bootstrapping, aiming to support its global expansion. Specialising in human risk management solutions for managed service providers (MSPs) and internal IT teams, usecure has achieved a £3 million annual recurring revenue without external funding.
The company has now closed its Series A investment with Kennet Partners, a London-headquartered growth equity firm known for investing in founder-led, bootstrapped B2B SaaS businesses. This funding follows the launch of Kennet VI, a £230 million fund dedicated to scaling high-growth software companies.
Founded in 2016 by Charles Preston, usecure’s solutions are now utilised by over 400,000 end-users globally. Earlier this year, Preston reported that the company had grown to 45 employees and 10,000 customers worldwide, having previously declined multiple venture capital offers. However, Preston now sees this as an opportune moment to accept external investment, aside from a modest seed investment from angel investor Tony Bolland.
Preston highlighted the rapidly evolving human risk management landscape, driven by advancements in AI, as a catalyst for seeking investment. “We could have continued to grow organically,” he explained, “but we aim to deliver a best-in-class product to market more quickly, and partnering with Kennet will enable us to achieve this.”
With the cybersecurity and MSP markets projected to double by 2030, usecure is positioning itself to become a global leader in delivering human risk management solutions. This investment marks a significant milestone for usecure, its team, and partners.
Kennet’s director, Alex Taylor-Harris, expressed enthusiasm for supporting usecure at this pivotal growth stage, commending the efficient, partner-first business model addressing a real and growing market need. The investment will facilitate the expansion of usecure’s team, enhancing product development, engineering, and partner-focused service delivery to bolster its global presence and deliver increased value to customers.
