The London Office for Rapid Cybersecurity Advancement (LORCA) has announced that companies on its cyber security accelerator programme have broken the £150 million milestone for investment.

The government-backed innovation programme, delivered by the innovation centre Plexal, announced the funding milestone to mark two years since its launch, with the £153 million total coming in at 280 per cent of the original target of £40 million - and 12 months ahead of schedule.

Over the last two years, 72 startups and scaleups have been supported by LORCA. This support includes innovation and commercialisation consultancy, product development and access to industry through a curriculum designed by Plexal, the Centre for Secure Information Technologies at Queen’s University Belfast and Deloitte.

The figures show that LORCA cohort companies now account for 76 per cent of funds raised by all cyber security businesses, and 69 per cent of all UK cyber investment since the start of the Coronavirus lockdown.

Research from Plexal and Beauhurst showed that cyber startups have raised £126 million since the country went into lockdown, reporting only one fewer deal than in the same timeframe last year.

The figures come after a record year for British cyber investment in 2019, when startups raised more than £500 million for the first time.

Investment into LORCA companies has primarily come from UK-based venture capital investment firms. The most active investors into LORCA cohort companies were IQ Capital Fund, 24Haymarket and Octopus Ventures.

Of these 72 businesses to have participated in the accelerator, 36 per cent are based outside London, and an additional 22 per cent were previously based outside the UK.

Digital secretary Oliver Dowden said: "Good cyber security is the bedrock of our digital economy - giving people the confidence to shop, work and play online and keeping businesses safe from cyber crime.

"London Tech Week is a fitting time to mark the government's investment in LORCA, as its network of cutting-edge UK startups smashes investment targets and creates jobs across the country."

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