Cybersecurity firm VST Enterprises has announced that it will be closing its fourth round of funding, which opened in May 2016. This recent round saw the business secure £11.4million in funding. Subsequently, the valuation of shares has jumped from £225,000 to £2,000,000 per 1%, with a money business valuation of £220million.
Although venture capital investment has not been ruled out in future, the business made the decision not to seek venture capital funding at this time; instead the investment came from a collection of private investors. VSTE’s CEO Louis-James Davis remains the lead shareholder via LJ Holdings & Investments, this route of funding means the CEO maintains autonomy as he and the VSTE team continue forward with a vision that has seen great success to date.
VST Enterprises’ scannable code technology, VCode®, is currently used to verify entitlement to benefits in India, as a method of payment across the UK, and to securely deliver bespoke content with a wave of a mobile handsets. $2bn is set to be saved for the Indian government by implementing the secure fraud prevention system.
Louis-James Davis, CEO of VST Enterprises, says:
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“We are extremely pleased with the investment we have received, and the interest in the company that has gone along with this. We received a lot of interest and had to choose investors wisely, ensuring they all had a lot to give the company in addition to the cost of the shares purchased.
VST Enterprises has come a long way in the last year, and the investment we have received will make the business prosper, enabling the founders to realise our vision, using VCode® Technology to solve growing and ever more complex cybersecurity issues such as ID theft and counterfeiting of digital assets across sectors, channels and geographies.
The company now lists 25 shareholders and investment came from various sources, ranging from technology specialists, industry experts and contacts outside of the tech and security industries. Notable investors include Chris Lightbody, the first to invest in VST Enterprises, Humberto de Armas, who made one of the larger investments and Fintech expert Guy Weaver, Director at KPMG.
The investment will be used for talent acquisition and to continue to fulfil some of the impressive global opportunities the business currently has, such as the roll out of VCode® technology to verify entitlement to benefits internationally. Talks to deploy VCode for benefit fraud prevention are under way with officials in India, Africa, Russia, Latin America and Central America. The funding will also continue to cultivate the ‘Virgin’ model approach that VST Enterprises has adopted with forthcoming projects such as the deployment of VApparel® which will be used to enable instant payments for fashion while eliminating counterfeit from the clothing supply chain. Further handpicked joint ventures in key sectors such as Logistics, Art, Broadcasting, Media, Ticketing and Travel are also set to finalise throughout April & May.
Chris Lightbody, a serial entrepreneur himself and the first investor to join this funding round, says:
“When I first met Louis-James, I was instantly impressed with him, his vision and his business. VST Enterprises prides itself on offering infinite possibilities through simple secure, ubiquitous technology. I was proud to offer capital to help the company realise this vision, and to assist them in reaching the right contacts and sectors which is now happening at pace.”
Guy Weaver, a Director at one of the world’s foremost professional services firms and also an investor in VST Enterprises, comments:
“Technology is rapidly evolving, which means global markets are pulsing with innovation, entrepreneurship and investment opportunities. What attracted me to VST Enterprises is the genuine long-term vision to solve a global security problem. VCode® is not a solution looking for a problem, it’s a real antidote with global capabilities across multiple sectors and channels. The possibilities are huge and this excites me, as an investor but also as an advocate.”
Humberto de Armas, a leading investor in VST Enterprises, added:
“Louis-James and the team are what I call “Ethically Brilliant.” They have developed a dynamic technology and have chosen to partner with top tier companies and bring in exceptional talent to take VSTE’s VCode® to market. Excited to be a participant.”
