Osney Capital has closed Fund I at £60 million, reaching its hard cap after being oversubscribed against an initial target of £50 million. The close makes Fund I one of the largest debut seed funds in UK history and establishes Osney Capital as the UK's first and only specialist cyber security seed fund.
The fund invests at pre-seed and seed stage in UK cyber security companies across all categories in the sector. Cheque sizes range from £250,000 to £2.5 million, against a target portfolio of 30 companies. Areas of investment include AI security, disinformation detection and software supply chain protection.
The fund is anchored by a cornerstone commitment from the British Business Bank through its Enterprise Capital Funds (ECF) programme and is accredited by the UK's National Security Strategic Investment Fund (NSSIF). Investors joining at final close include Imperial College London's Endowment and Planet First Partners, alongside further commitments from exited UK cyber entrepreneurs and senior leaders from across the cyber and national security communities.
Since its first close at over £50 million, Osney Capital has completed seven investments. Portfolio companies include Refute, a disinformation detection and response platform; Overmind, a reinforcement learning fine-tuning infrastructure platform; Ossprey, which protects software supply chains from malware and malicious code in open-source libraries; Ploy, an agentic-powered identity governance and administration platform; Aisy, which uses attacker-style reasoning to map vulnerabilities across live environments; Huntbase, which enables defenders to proactively hunt for breaches at machine speed; and Aviel, a threat intelligence platform targeting online fraud activities.
The UK cyber security graduate pipeline is growing at 20% year-on-year, according to a 2025 government report.
Cyber security is an area of growing economic and strategic importance to the UK, with significant potential for home-grown innovations to become major commercial successes. Our investment in Osney Capital's first fund will give us exposure to this opportunity through a highly experienced specialist team, supporting our Endowment's objective of generating financial returns to support Imperial's mission of science for humanity.
Osney Capital brings the specialist focus required to strengthen the UK's cyber ecosystem. The quality of their early investments highlights the depth of talent and innovation in this country, and NSSIF is proud to support the Osney team as they fund and scale world-class UK cyber technologies.
Reaching final close oversubscribed at our hard cap, in this fundraising environment, is the clearest possible signal that investors see what we see: the UK's cyber sector is one of the most exciting early-stage opportunities globally, and it benefits enormously from specialist capital on the ground, supporting the formation of the next generation of global category winners from the UK.
