Securing Flexible Financing for Cybersecurity Growth

Background

Glasswall is a fast-growing UK-based cybersecurity software company and a global leader in zero-trust file protection. Its patented Content Disarm & Reconstruction (CDR) technology is used by some of the world’s most sophisticated defence, intelligence, and commercial organisations.

With global partnerships across major software and cybersecurity providers, Glasswall plays a critical role in safeguarding data for high-stakes environments in both the public and private sectors.

Unique Proposition & Market Position

Unlike traditional detection-based cybersecurity solutions, Glasswall’s CDR technology proactively eliminates threats. By sanitising and rebuilding files to their manufacturer’s "known good" specification, the platform removes both known and unknown threats in milliseconds.

Its scalable, Kubernetes-based infrastructure supports industrial-grade file processing—making it the solution of choice for governments and enterprises alike, and strengthening its partnerships with the world’s largest tech providers.

Glasswall CDR 4-step process to remove risks

Growth Opportunities & Use of Funds

Glasswall had secured significant government contracts and built a strong pipeline of new opportunities. The funding was aimed at hiring the right talent to capture this momentum and ensuring sufficient cash on the balance sheet to bid for larger contracts with confidence.

Private/venture debt presented a compelling route—offering growth capital while maintaining strategic flexibility.

Why Fuse Capital?

Though Glasswall had the internal capability to manage the funding process, the leadership team chose to work with Fuse Capital to accelerate delivery and gain access to a broader lender network.

Fuse Capital supported Glasswall across:

• Building a robust financial base case

• Navigating and negotiating debt covenants

• Driving swift execution so the leadership team could stay focused on the business

“Fuse Capital did all the heavy lifting—so we could keep doing what we do best: running the company.”

Structuring the Right Deal

The main challenge wasn’t capital availability—it was identifying a lender that could offer the right structure, balancing cost, flexibility, and availability of funds when needed.

Fuse Capital secured five competitive offers, each with different structures, giving the board clear optionality and control over the outcome.

To simplify decision-making, Fuse created a detailed comparative model showing:

• Cash flow projections

• Drawdown and repayment simulations

• Deal-by-deal pros and cons

This enabled Glasswall to evaluate the options confidently and transparently.

The Chosen Solution

HSBC’s proposal stood out, offering:

• A flexible revolver structure, allowing for drawdown and repayment on demand

• A competitive interest rate

• No equity warrants

This gave Glasswall both cost efficiency and maximum control—ideal for their current growth phase.

Where Fuse Capital Added the Most Value

Fuse Capital’s impact was evident in both speed and substance:

• 22 days from initial data gathering to issuance of the Investment Memorandum

• 15 days from going to market to receiving the first offer

• Fast, clear communication with all stakeholders—accelerated by Fuse’s strong working relationship with HSBC

From modelling and covenant negotiation to lender engagement and deal structuring, Fuse Capital delivered a seamless process that helped unlock funding with precision and pace.