Bath-based cybersecurity firm Netcraft secures £77m
Spectrum Equity invests $100m in the company that provides services such as cybercrime disruption, phishing detection and website takedown through its software as a service (SaaS) platform.
Founded by Mike Prettejohn in 1995 and based in the city of Bath, Netcraft’s work has included helping the British government to automate cyber defences. But this $100m is the first time the company has sought outside investment, which it will use to scale and accelerate the business.
Photo by FLY:D
The company is now a global leader in cybercrime detection and disruption, offering cutting-edge tech and decades of experience to help protect organisations of all sizes from digital threats and attacks. Its customers include HSBC, Lego, Meta, Microsoft, Netflix and the National Cyber Security Centre. It offers comprehensive threat feeds, early fraud detection capabilities and swift automated takedowns, blocking more than 170m malicious sites.
Mike Prettejohn says: ‘I’m grateful to my colleagues and our customers who have grown Netcraft from a laptop and a modem to the point where it now serves many of the world’s largest enterprises and governments, without any outside funding. Having decided to accept growth equity, we chose Spectrum because of its success in scaling other cybercrime businesses, particularly Verafin and Ethoca, prior to their respective sales to Nasdaq and Mastercard.’
Parag Khandelwal, Managing Director of Spectrum Equity, adds: ‘Mike and his incredible team have built a truly differentiated offering for organisations of all sizes looking to stop cyberattacks.
‘Its scale is a testament to its effectiveness – Netcraft has blocked more than 173m malicious attacks and takes down more than 15 million cyberattacks each year. Netcraft takes down roughly one-third of all global phishing attacks on behalf of its customers.’
Netcraft also announced a new CEO: Ryan Woodley was previously an executive at leading fintech firm Progressive Leasing and digital security firm DigiCert. He has also served on the boards of tech companies PDQ.com and Conservice.
Woodley says: ‘This significant funding will help us accelerate progress toward our mission of detecting and disrupting cybercrime at scale to create a safer online experience for everyone. Powered by an exceptionally talented team, Netcraft’s speed, scale, and effectiveness is unmatched in the global fight against cybercrime.’
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