Boxphish, the Leeds-based human risk management platform, is targeting further growth after a year of expansion following investment from growth capital investor BGF.

Since securing multi-million-pound backing in April 2024, the company has achieved more than 70% growth in annual recurring revenue (ARR) year-on-year and met its sales targets for FY25. The business also made its first acquisition, acquiring Trillion, a cyber threat intelligence firm that monitors leaked credentials on the dark web.

Boxphish has also strengthened its leadership team with the appointment of Claire Elcock as Chief Finance and Operations Officer. A qualified chartered accountant with experience at Grant Thornton and KPMG, Elcock joined from SmartSearch in May and brings extensive experience scaling private equity-backed SaaS businesses.

Nick Deacon-Elliott, CEO of 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."

Founded in 2020 by Henry Doyle, Dan Bailey and current CEO Deacon-Elliott, Boxphish has rapidly grown to become a notable name in the UK’s human cyber risk sector. The company provides training content and phishing simulations to organisations across a wide range of industries. Clients include North Yorkshire Council, the University of Cambridge, and Leeds United Football Club.

Rob Johnson, investor at BGF, said: “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 look 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, the UK’s most active growth capital investor, recently pledged £400 million to businesses in Yorkshire and the North East over the next five years as part of a £3 billion UK-wide commitment. It has already invested £711 million in the regions since 2011 and maintains offices in both Leeds and Newcastle.