Cloud Direct secures third 2014 investment with extra £1.5m backing
Bath-based IT services company takes total funding to £2.74m
Cloud-based IT services company Cloud Direct today announced the completion of a £1.5m round of investment – its third this year – from a group of high-profile tech investors.
Founded in 2003 by Brett Raynes, Bath-based Cloud Direct provides a range of infrastructure and hosting solutions to small and medium-sized businesses.
It claims to have been one of the first IT companies to offer remotely managed infrastructure through the Cloud.
Since foundation the profitable business has amassed more than 4,000 customers, and was entirely self-funded prior to 2014.
The £1.5m investment comes from a group of high-profile investors, including Saracens Rugby Club owner Nigel Wray, fund manager Rob Giles and tech investor Jamie Brooke.
It follows two previous investments secured by Cloud Direct in 2014 – a £240,000 grant from the West of England Local Enterprise Partnership (LEP) Going for Growth Fund, and a £1m investment from Santander’s Breakthrough programme.
The business will be used to open a new office in London, back an as-yet unnamed strategic acquisition and accelerate sales and marketing activity.
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Brett Raynes, founder and chief executive of Cloud Direct, said: “The confidence shown in Cloud Direct by such an impressive group of business stars is fantastic.
“We can now really go for it. We’re securing a second base in London, and looking to acquire another company to complement our packaged cloud services business.”
Nigel Wray, owner and chairman of Saracens Rugby Club and investor in Cloud Direct, commented: When you invest in a company, you’re investing in its people. This year, Brett ran the Marathon des Sables – 156 miles across the shifting Sahara desert in what The Discovery Channel calls ‘the toughest footrace on earth’.
“If Brett’s focus and determination is anything to go by, we’ve made a very solid investment. I’m thrilled.”