E-invoicing and e-document processing company CloudTrade has secured £2m in its seed round of funding.
The investment round was led by Calculus Capital with London-based investor ScaleUp Group also participating.
Founded in 2010, the company empowers trading partners to digitally send invoices, orders and business documents digitally. Currently, CloudTrade helps to connect over 200 organisations to their traders across the globe – its core regions are Europe, US and Australia.
The technology implements backward tracking search to interpret, validate and extrapolate semantic meaning from documents.
Over the past year, CloudTrade has formed new partnerships with companies including IBM, DXC (formerly Hewlett Packard Enterprise), SAP Ariba, BT, Cegedim, Opus Capita and SupplyOn. It also witnessed a rise in the number of transactions processed, with eight million being completed last year, increasing by 40 per cent.
Capital from the round will be used to accelerate the expansion of its services in the US and EMEA, while also boosting its global growth which is currently 40 per cent YoY. These funds will also be used to continue the expansion of its team and research and development efforts.
CloudTrade co-founder and CEO David Cocks said, “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.”
Last year, CloudTrade was among the first six UK technology-based SMEs to participate in TechMarketView and Scale-Up Group’s debut Great British Scaleup programme. In 2016, the company graduated from the TechMarketView Little British Battler programme.
The company formed a partnership with Valtatech, a solution designed to automate procure-to-pay, financing and back office processes, last year. The deal was completed to support global expansion plans.
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