Cybersecurity firm VST Enterprises has raised £11.4m at a valuation of £220m.
The Manchester-based startup, which was founded in 2012, secured the funding from private investors including serial entrepreneur Chris Lightbody and director at KPMG Guy Weaver.
VST Enterprises has created a scannable code technology called VCode, which is currently used to verify entitlement to benefits in India and also as a method of payment in the UK.
Louis-James Davis, CEO of VST Enterprises, said: “We are extremely pleased with the investment we have received, and the interest in the company that has gone along with this. We received a lot of interest and had to choose investors wisely, ensuring they all had a lot to give the company in addition to the cost of the shares purchased.”
He went on to say the funding will help the company grow its team and use its technology to solve cybersecurity issues, such as ID theft and counterfeiting of digital assets.
Weaver said of his investment in the firm: “What attracted me to VST Enterprises is the genuine long-term vision to solve a global security problem. VCode is not a solution looking for a problem, it’s a real antidote with global capabilities across multiple sectors and channels. The possibilities are huge and this excites me, as an investor but also as an advocate.”
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