CloudTrade secures £2m investment from Calculus Capital
CloudTrade, a provider of cloud invoice and e-document services, has raised £2 million in its first investment round, led by Calculus Capital.
The funds will help the firm expand its services in the US and EMEA. Its current global growth rate stands at 40% year-on-year, the firm reports.
The company’s core platform includes backward tracking search, to interpret meaning from documents.
CloudTrade was founded in 2010 by David Cocks, Richard Manson and Richard Develyn.
Cocks, 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.”
Richard Moore, investment director, Calculus Capital, says: “What the team at CloudTrade have done is to streamline the purchase-to-pay and order-to-cash processes. CloudTrade enables users to extract maximum insight and data from those documents, to fully automate and integrate them into their downstream systems.”
He adds that users see back office savings in the region of 60% with supplier adoption rates of over 80-90%.
CloudTrade has partnered with companies like IBM, DXC, BT, and others – a 20% increase in partners, and a 30% increase in end-customers using the service.
Richard Manson, CloudTrade commercial director, explains: “Transaction volumes are the key to growing our business – and we have double these in the past couple of years from three million documents in 2016 to a current run rate of eight million.”
CloudTrade forecasts a similar increase to March 2019.