Monday 30th July, 2018
CloudTrade has announced the completion of its first investment round, securing a £2million injection from private equity fund manager Calculus Capital.
Investment from Calculus Capital will enable CloudTrade to continue second stage growth in the UK, and further expand into USA and European markets. The newly raised funds will also increase CloudTrade’s ongoing team expansion and deepen its research and development into complex data extraction, and its application into different solutions and sectors.
CloudTrade’s core platform, which is protected by lasting patents in Europe, the US and Australia, uses unique rules-based technology with backward tracking search, to interpret, validate and extrapolate semantic meaning from documents of any type: including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.
David Cocks, CloudTrade’s co-founder and CEO, says: “It might sound a bit old fashioned, but the team and I were determined to prove that we had a business solution and model that worked, before we spent other people’s money. There is no doubt that we have proved that; with the business growing at over 40% YOY globally and now processing over 30,000 documents per day. We are delighted to welcome Calculus on-board as investors, and we’re excited to see that growth continue in both our existing and new markets across the globe.”
Over the last year, CloudTrade has grown the business through new partners, including IBM, DXC (formerly Hewlett Packard Enterprise), SAP Ariba, BT, Cegedim, Opus Capita and SupplyOn, and from an increase in projects through existing partners. This corresponds to a 20% increase in partners, and a 30% increase in end-customers using the service.
CloudTrade was among the first six UK tech SMEs selected to participate in TechMarketView and Scale-Up Group’s inaugural Great British Scaleup programme event in June 2017 (CloudTrade: from ‘Battler’ to Scale-Up).