Boxphish eyes further growth after GBP £400 million BGF support

Boxphish, a company focused on human risk management, is planning further growth after a year of strong expansion following a significant investment.

The Leeds-based firm received a multi-million-pound funding package from BGF in April 2024, and in the past 12 months, the business has reported more than 70% growth in annual recurring revenue (ARR) compared to the previous financial year. Boxphish states it has met its sales targets for FY25 as well.

As part of its post-investment strategy, Boxphish has completed its first acquisition, purchasing Trillion, a threat intelligence provider specialising in tracking credentials that are shared on the dark web. In a further move aimed at reinforcing its leadership team, Boxphish has appointed Claire Elcock as Chief Finance and Operations Officer (CFOO).

New leadership

Claire Elcock brings extensive experience to the role as a CFO in private equity-backed businesses, with a focus on helping technology and SaaS companies scale. She is a qualified chartered accountant, having previously worked for Grant Thornton and KPMG, and joined Boxphish from SmartSearch in May.

Commenting on the company's progress, Nick Deacon-Elliott, CEO at Boxphish, said:

"We closed out our last financial year on a real high, achieving 100% of our sales target, a testament to the hard work and dedication of our entire team. Without the team, we have nothing. Last year's success has enabled us to recognise and reward several of our high achievers through promotions. This, coupled with the appointment of Claire, our new CFOO, places us in a very strong position as we move into the new financial year. Claire's expertise will be instrumental in helping us strengthen our operational capabilities and drive the next phase of our journey."

Boxphish was founded in 2020 by Henry Doyle, Dan Bailey, and current CEO Nick Deacon-Elliott. Since then, it has established a customer base across various sectors and institutions. The firm provides training content and support to clients, including North Yorkshire Council, the University of Cambridge, and Leeds United FC.

BGF support

Rob Johnson, an investor at BGF, commented on the partnership with Boxphish:

"The first 12 months post-investment have been incredibly successful for Boxphish, with decisive strategic moves that not only strengthen its senior management team, but also its capabilities through the acquisition of Trillion. The team has laid perfect foundations for the next stage of their growth journey and we looking forward to supporting them as they continue to scale up, seize the sizable opportunities that exist in the market, and strive to achieve their growth ambitions."

BGF has recently announced a pledge of GBP £400 million to companies in Yorkshire and the North East, as part of a wider GBP £3 billion commitment to high-potential UK businesses over the coming five years.

Since 2011, BGF has invested GBP £711 million in the Yorkshire and North East regions. The organisation maintains offices in both Leeds and Newcastle to help address regional investment gaps and provide support to local companies.

Boxphish's recent updates also include recognition and promotion of high-performing team members in light of the company's latest results. The leadership team now features Neil Davies as Vice President of Product, Jess Thomas as Vice President of Marketing, Nick Deacon-Elliott as CEO, Claire Elcock as CFOO, and Alexander Thomas as Chief Revenue Officer.

The company's stated aim is to continue building on its recent momentum, expanding its service offering, and supporting both existing and new clients through its human risk management platform and training courses.