Cloud services provider CloudTrade has closed its first investment round, raising £2 million in funding from Calculus Capital.
Founded in 2010 by David Cocks, Richard Manson and Richard Develyn, CloudTrade allows companies to evolve past their reliance on paper and transact digitally with their trading partners.
The London company provides cloud-based e-invoicing, e-order and complex data capture services, connecting over 200 organisations to thousands of their trading partners.
CloudTrade will use the cash to accelerate expansion of its services in the US and EMEA.The newly raised funds will also help CloudTrade grow its team and deepen its R&D into complex data extraction, and its application into different solutions and sectors.
“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,” said co-founder and CEO David Cocks.
“There is no doubt that we have proved that; with the business growing at over 40 per cent 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.”
Richard Moore, investment director at Calculus, added: “Utilising its market-leading, patented technology, CloudTrade provides a uniquely simple and non-disruptive way for trading partners to send electronic invoices, orders and other business documents, straight into the receiving organisation’s processing application.
“By doing that, CloudTrade enables users to extract maximum insight and data from those documents, to fully automate and integrate them into their downstream systems.”