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Albion Ventures backs UK file encryption company Egress Software

6 Mar 2014

UK VC firm Albion Ventures has invested £2.2m in Egress Software Technologies, a provider of on-demand cloud-based email and file encryption services.

Established in 2007, Egress launched its SaaS-based information security platform, Egress Switch, in 2009. The company provides services to the UK the local authority space, with over 70 per cent of councils registered as subscribers, as well as central government the NHS, and organisations such as charities, social care providers, housing associations and schools.

Ed Lascelles, Partner at Albion Ventures, said, “We are delighted to be supporting Egress as it enters such an exciting stage in its growth. We believe the company has a huge role to play as organisations increasingly focus on the security and privacy of their data. Egress fits well with the profile of technology investment that Albion seeks: the business is growing rapidly and has developed a leading position in a fast-growing, dynamic market.”

Albion Ventures specialises in VCTs with around £240m under management. Formerly known as Close Ventures, it was acquired by its management in early 2009 from Close Brothers Group. Last year the firm made a 3x return on its sale of sports technology company Opta.

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