AppCheck nets backing to accelerate growth

A cybersecurity software company is accelerating its growth plans after securing backing from a private equity investor.

Leeds-headquartered AppCheck has received a minority investment from LDC, part of Lloyds Banking Group, to support its expansion and continued product development.

AppCheck provides dynamic application security testing and vulnerability discovery software, helping organisations identify cyber security weaknesses across web applications, APIs and IT infrastructure before they can be exploited.

The firm works with customers across sectors including financial services, healthcare, retail, higher education and the public sector, with clients including JD Sports, Mars Group, Dr. Martens, University of St Andrews and Age UK.

Employing more than 100 people, AppCheck has experienced strong recent growth as businesses face increasing pressure from cyber threats, regulatory demands and data protection risks.

Bosses say the investment will support the company’s ongoing product innovation strategy, including further development of Trust Monitor, a recently launched tool designed to identify and track third-party cyber security risks in real time.

LDC is backing the existing management team led by chief executive Lloyd Devey, with founders Gary O’Leary Steele and Matthew Hawnt remaining investors in the business.

Lloyd said: “We’ve spent over a decade building real expertise in cybersecurity and understanding what our customers need. 

“We are proud to be working with LDC and finding a partner that understands both how to scale software businesses and the cyber security market is important. 

“Having them based here in Leeds means we can work together properly as we move into this next phase. 

“I’m excited about what we can achieve together.”

The deal continues LDC’s investment activity across Yorkshire, where it has invested around £400 million into regional businesses over the past decade.

The investment was led by investment director James Marshall, partner and head of Yorkshire Dan Smith and investment executive Connie Smith, with James and Dan set to join AppCheck’s board as non-executive directors.

James added: “AppCheck has built a strong position in a growing market. 

“The team demonstrates consistent growth and technical expertise, and their customers clearly value what they’ve delivered. 

“What attracted us is the combination of technical excellence, a clear market opportunity, and experienced leadership under Lloyd and his wider team.”

Dan added: “It’s a genuinely exciting time to be investing in Yorkshire. 

“AppCheck is exactly the kind of partnership we’re focused on – ambitious, talented teams with real vision. 

“We’ve built strong momentum through the end of 2025 and into 2026, with significant activity in the pipeline, and we’re committed to continuing to back management teams in the region who want to scale.”

AppCheck was advised by Steve Hubbard at RSM and Paul Johnson at Mills & Reeve, while LDC received advice from Ben Taylor at KPMG, David Milne at Squire Patton Boggs and Jonathan Steed at DSW.

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