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London-based startup CyberSmart has secured £12.75m in Series B funding for its cybersecurity and insurance products for SMEs.

“SMEs are notoriously under-protected from the rising cyber threat, and existing cybersecurity and insurance propositions are neither fit for purpose nor affordable,” said Phil Edmondson-Jones, partner at Oxx.

“We have spent a long time searching for the right business model that can enact a step-change in this important & enormous market.”

CyberSmart’s Series B was led by Oxx, with further contributions from British Patient Capital, IQ Capital, Eos Venture Partners, Legal & General Capital, Seedcamp, and Winton Ventures.

The cybersecurity startup will use the injection of capital for the development of its software, as well as to expand its presence in Europe, Australia, and New Zealand this year.

Catherine Lewis La Torre, CEO, British Patient Capital, said: “As cyber-attacks grow increasingly sophisticated, the technology needed to protect against them must do so as well. For many SMEs, this is a difficult challenge to tackle, either because of financial constraints or a lack of in-house expertise.”

Founded in 2017, the firm was originally created during GCHQ’s Cyber Accelerator Programme. The company has said it has 4,000 business users.

British Patient Capital in January made a £40m investment into SV Health Investors’ Biotech Crossover Opportunities Fund.