Cyber firm on growth trail with funding boost

A cybersecurity firm has pledged to create jobs following six-figure support.

Precursor Technology Group says it will bolster its team with eight hires after North East Growth Capital Fund backing.

Bosses at the Newcastle-based operator say the cash will take its North East workforce to 18 and catalyse “the next phase of its expansion”.

They add it will also allow the business, which runs an operations centre in the region and provides cloud security, security testing and incident response and penetration testing services, to buy new detection and monitoring equipment.

The firm, which also has bases in Leeds and London, accessed its financial support through NEL Fund Managers, which oversees the European Regional Development Fund-backed cash pot.

Scott Cardow, Precursor Technology Group chief executive, said: “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.

“NEL’s longstanding reputation in the North East and the flexible investment options it offered made working with them the right choice.

“We’re ready to move into the next phase of our North East expansion.”

Precursor’s management team was introduced to NEL Fund Managers by North East entrepreneur and tech investor Neil Stephenson, who has since agreed to become group chair.

Neil and business partner Stuart Bramley contributed to the funding round and are supporting the firm.

Jane Siddle, NEL Fund Managers senior investment executive, added: “Precursor has made a strong commitment to the North East that is resulting in significant job creation and investment.

“We’re very pleased to be part of their continuing success story.”

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