Red Sift is a provider of cybersecurity technology for large and small businesses. Its mission is to help empower more businesses to strengthen their cloud email security and protect their brands against impersonation, using Red Sift’s integrated cloud email and brand protection platform.
With the number of phishing, ransomware, and economy-level disruptions continuing to rise, the business is committed to investing in its cybersecurity platform and accelerating technical innovation. Over the last 12 months, it has built significant momentum and has more than doubled its recurring revenue. In addition, it has strengthened its senior team through appointing Mike Hedger (ex-Chairman of Mimecast and AVG) and Michel van der Bel (Non-Executive Director), former President of Microsoft EMEA, to the board of directors. It has also grown its global headcount nearly twofold hiring new employees at all levels across departments. Recent strategic appointments include Mary Anne Gunn as Chief Growth Officer and Claudia Belardo as Vice President of Customer Success.
It has grown its customer base to over 700 brands, including Domino’s Pizza Inc., ZoomInfo, Rentokil Initial plc, and PageGroup. It has also developed key strategic partnerships with leading industry players, including Microsoft, Entrust, and SecurityScorecard.
Having established a strong presence in the UK they have begun expanding into the USA (with plans for a US HQ in Austin, Texas), enabled through a recent $54 million Series B funding round led by Highland Capital which new and existing investors such as Oxford Capital also participated in. The latest funding round will enable the company to accelerate their product development efforts across onDMARC and OnINBOX, they are also further expanding their product offering with the launch of OnDOMAIN. OnDOMAIN enables security personnel to quickly shut down phishing sites and discover legitimate but unsecured domains while defending their brands, and those within their supply chains, against abuse and reputational damage.
Red Sift have also recognised that cyber security is more important than ever in the current global environment. As a result of the conflict in Ukraine they have pledged to do as much as possible in the digital domain. The business is offering OnINBOX for free to journalists working with organisations meeting basic standards of independence. This can help to protect a journalist’s inbox from known significant threats. It is also offering OnDMARC free to media, government, NGOs and other essential services impacted by the crisis inflicted on Ukraine.
Partial exit for Oxford Capital investors
This latest funding round was oversubscribed which enabled early Oxford Capital investors to make a partial exit and a gross return over 7x capital invested. This partial exit crystallises the strong returns already achieved through the company, while retaining the potential of further up-side as the company continues its international expansion. It highlights the importance of the EIS scheme in supporting the growth of UK early-stage companies and the potential returns available to investors through gaining exposure to these companies.
David Mott, Founding Partner, Oxford Capital commented: “We initially invested in Red Sift in 2016 before they had a single customer and we’re proud to have supported another deep-tech success story in the UK’s innovative tech sector. At Oxford Capital we’re passionate about backing founders to deliver meaningful impact in their fields and co-founders Rahul Powar and Randal Pinto have delivered significant growth for the company. We’re looking forward to working with them going forward to continue building the business.”
David Mott recently sat down with Co-Founders, Rahul Powar and Randal Pinto to discuss the growth of the business, why cyber security is more important than ever and their experience as co-founders. Watch the interview here.
Click here for more information on the Oxford Capital Growth EIS.