Cybersecurity firm AppCheck lands PE backing from LDC to scale UK and overseas
What's the deal? Leeds-based cybersecurity software vendor AppCheck has secured a minority investment from LDCDealroom has a profile for this one. Try Dealroom →, the private equity arm of Lloyds Banking GroupDealroom has a profile for this one. Try Dealroom →. The deal backs AppCheck's existing management team, led by chief executive officer Lloyd Devey, to fuel organic growth in the UK and internationally.
AppCheck provides dynamic application security testing and vulnerability discovery tools that help businesses detect and fix cybersecurity issues before hackers can exploit them. It scans web applications, APIs, and IT infrastructure for vulnerabilities on live systems — identifying security gaps that traditional tools miss.
The company employs more than 100 people and serves mid-market businesses, large enterprises, managed security service providers, and cyber consultancies across sectors including financial services, healthcare, retail, and higher education. Clients include JD SportsDealroom has a profile for this one. Try Dealroom →, Mars Group, Dr. Martens, and Age UK.
AppCheck's founders, Gary O'Leary Steele and Matthew Hawnt, will remain as investors alongside management and LDC. LDC's James Marshall and Dan Smith will join the board as non-executive directors.
Why now? AppCheck recently launched Trust Monitor, a security tool that continuously identifies, audits, and tracks third-party services. It reveals hidden dependencies and potential security risks in real time — expanding the platform's external scanning capabilities at a moment when supply-chain attacks are a growing concern.
"We've spent over a decade building real expertise in cybersecurity and understanding what our customers need," Devey said. "Finding a partner that understands both how to scale software businesses and the cybersecurity market is important."
What could go wrong? The cybersecurity tools market is crowded. AppCheck competes against well-funded incumbents in dynamic application security testing, and scaling internationally will pit it against global players with deeper pockets and established distribution networks.
The signal: AppCheck's client roster — spanning major names like JD Sports and Dr. Martens — underscores how demand for dynamic application security testing has moved well beyond tech-first companies into mainstream retail, healthcare, and education. With LDC, an investment fund backed by Lloyds Banking Group, providing the growth capital, the deal signals PE confidence that profitable, niche cybersecurity vendors with proven enterprise traction can scale internationally without the dilution-heavy venture capital path.
Read more: businesscloud.co.uk
