cloud.IQ raises £250,000 through the Technology Strategy Board’s Smart awards
Cloud-based marketing business to complete R&D on new cloud solution with investment
Cloud-based marketing provider, cloud.IQ, has secured £250,000 funding through the Smart awards, a funding programme managed by government innovation agency the Technology Strategy Board.
The programme, which seeks to improve UK technology, engineering and science industries by providing funding to small and medium-sized businesses with innovative new products and services, has backed the technology company because of its high growth ambition and potential.
Founded in 2012, Hackney-based cloud.IQ provides cloud integrated marketing applications to businesses of all sizes and says that is services allow companies to acquire more customers, increase conversion rates and improve client retention.
It intends to use the investment to further the research and development of a new cloud-based solution.
The awards marks another successful attempt for the company to raise funding, having secured a major £2m investment from Sir Richard Cohen’s equity firm Bridge Ventures in May last year.
James Critchley, CEO and co-founder of cloud.IQ, commented:
“The investment from the Technology Strategy Board provides us with a platform to bring to market a new solution which we believe will have an ever wider reach and impact on the businesses community.”
“The Technology Strategy Board is the leader in supporting businesses with innovative ideas, so we are proud of this accolade and it’s testament to what we have achieved in such a short space of time.”