UK’s cybersecurity startup Ploy raises €2.8M to help companies track who can access their data

London-based Ploy raises funds to provide a platform that automates user access management and identity processes across SaaS, cloud, and collaboration tools.

London-based Ploy, a cybersecurity startup, has raised £2.5M (nearly €2.86M) in funding to address identity-related security breaches.

The round was led by Osney Capital, with participation from Superseed, Tiny.vc, and Rule30. 

Several angel investors also joined the round, including Johnathan Scudder, co-founder of ForgeRock, Alastair Paterson and James Chappell, co-founders of Digital Shadows, Mark Ryan, VP of Product Management at ZScaler, Jonathan Tom, VP of GTM Enablement at Rapid7, Tony Pepper and Neil Larkins, co-founders of Egress, and Charles Delingpole, co-founder of ComplyAdvantage, MarketFinance, and The Student Room.

An AI-powered autonomous identity platform

Founded in 2023 by Harry Lucas and Jacob Prime, Ploy is a cloud-first Identity Governance and Administration (IGA) platform that automates user access management across the employee lifecycle.

The platform helps IT and security teams manage access to SaaS applications, databases, cloud platforms, and collaboration tools through automated workflows and AI-powered insights. 

Ploy enables companies to oversee every access grant and automate identity processes, including onboarding, offboarding, access requests, and reviews. Pre-built integrations and automated workflows allow teams to implement the platform within 20 minutes. 

Ploy also includes an AI assistant called Luna, which provides intelligence to identify anomalies and support access decisions.

The company reports it has secured over 1 million individual access entitlements and discovered more than 26,000 SaaS applications using its customers’ identities across its customer base.

Jacob Prime, CEO and co-founder of Ploy, says, “With 80 per cent of breaches now stemming from identity, boards are realising it’s the biggest area they need to prioritise in their security strategy. Spreadsheet-based access tracking is now a legal and security liability. They need real-time visibility into who has access to what, before attackers or regulators find the gaps. That’s exactly the problem Ploy solves.”

Ploy targets mid-market companies with up to 5,000 employees and aims to provide automated solutions for identity processes in cloud and collaboration environments.

The company’s customer base includes Payfit, Not On The High Street, Welcome to the Jungle, ComplyAdvantage, Liberis, and Times Higher Education.

Ploy also mentioned that it has doubled its revenue with just four employees and previously raised funding from strategic angel investors in 2024.

Joshua Walter, Partner at Osney Capital, who will join Ploy’s board, says, “Identity sprawl has become a significant issue for organisations of all shapes and sizes, but particularly those with modern technology stacks; which often comprise hundreds, or even thousands, of SaaS applications. This breadth causes fragmented and distributed access and ownership of identity, without unified visibility or control, and is typically enabled using role-base access controls.”

“Ploy’s just-in-time approach to access, making all access temporary by default, and identifying risks centrally in real-time, is becoming the only approach that scales with modern threats, ways of working and technology stacks.”