C2 Cyber, a Vendor Risk Management (VRM) solution provider, raised £1.2 million in seed funding, driving C2’s valuation to £8.7 million.
With cybersecurity attacks rising 20% last year, the global vendor risk management market is expected to reach US$7.6 billion by 2023. The National Cyber Security Centre (NCSC) recognised the importance of supply chain security in their ‘10 steps to Cyber Security.’
Founded in 2015 by UK Government security professionals, C2 helps financial, retail and construction clients identify high-risk suppliers in their supply chain. In addition, C2 was acknowledged in Gartner’s latest VRM report, a white-hot topic given the recent supply chain attacks.
C2 Cyber’s CEO Jonathan Wood commented: “We’re excited to announce our latest funding round and humbled to work with investors that recognise C2’s value proposition. This latest investment will enable us to invest in our people, our platform and international growth.
“Gartner’s VRM report highlights supply chain risk. Reliance on third-party suppliers creates new demands on cyber defences. As a result, ensuring the integrity, availability and confidentiality of data across the entire supplier network is more critical than ever.”
C2’s latest investors include Winton Ventures and DivisionX Global. Josh Kennedy-White from DivisionX Global added: “We’re delighted to support C2 Cyber and impressed by their mission, values and technology. In an evolving threat landscape, organisations are increasingly reliant on providers like C2 Cyber to help manage their supply chain risk.”