Phoenix, a prominent investment firm, has proudly announced its recent financial backing of Logiq, a leading UK-based cyber security specialist.
Known for its strategic investments, Phoenix has shown its confidence in the rapidly growing cyber security sector with this latest move.
The details of the funding amount have not been disclosed in the press release. However, Phoenix’s involvement confirms Logiq as one of its significant investments. This investment marks the third commitment from Phoenix’s 2022 Fund, following stakes in risk analytics provider 4most and data solutions enterprise Dufrain.
Founded by a dynamic team of four cyber security engineers in 2018, Logiq has swiftly evolved into a renowned specialist in providing cyber-related services to the UK public sector, notably making its mark in the defence sector. The company’s two main offerings consist of cyber security assurance, strategy, and system delivery, as well as DISX, a proprietary subscription software service. DISX hosts a secure environment enabling seamless information exchange between contractors and government entities.
The newly acquired funding is set to fuel Logiq’s growth plans. These include strengthening the operational platform, injecting further investment into the DISX offering, and facilitating expansion into fresh end-markets. In this strategic partnership, Phoenix aims to propel Logiq to the forefront of the UK’s public sector’s cyber agenda, an area that recently witnessed substantial funding commitments from the UK Government.
Logiq CEO James Morgan expressed his excitement over the investment, stating, “The growth we have achieved to date has surpassed the expectations we had when we founded the business five years ago. We are delighted to welcome Phoenix as our new partners, and we look forward to benefitting from their expertise as we focus on our goal of making Logiq the UK’s leading cyber security provider to the public sector.”
Sharing a similar sentiment, Partner at Phoenix Tim Dunn said, “In Logiq, we have backed yet another highly successful founder-led business operating in technology-driven markets. Logiq is playing a critical role in safeguarding the UK’s national digital infrastructure. We are very excited to be partnering with the founders and their outstanding team to drive the business’ continued development.”
This substantial backing from Phoenix follows Logiq’s impressive revenue increase, which has risen by a compound annual growth rate (CAGR) of over 60% since 2021.
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