2017 is proving to be a landmark year for Cloud IQ. In March 2017, we announced Series A funding of £4 million from Nauta Capital, Finance Wales and Juno Capital, establishing ourselves as one of the best-funded commerce optimisation platforms, and accelerating our roadmap development. Today, we are pleased to have secured an additional £4 million from lead investor PayPal,and returning investors Nauta Capital, Finance Wales and Juno Capital.
The investment cements our exclusive conversion rate optimisation partnership with PayPal, enabling ecommerce businesses using PayPal to track 100% of transactions with Cloud IQ, optimising the consumer journey and resulting in more customers.
“Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey. Today, Artificial Intelligence powered technology is finally able to deliver individualised consumer experiences at scale. PayPal is excited to support Cloud IQ as they bring to market solutions that improve the overall shopping experience on both web and mobile.” Jeremy Jonker, VP, Head of Global Corporate Development at PayPal.
“Cloud IQ’s proposition and market traction is impressive. We are excited by future products that Cloud IQ will bring to market through the opportunities created by this round of funding.” Carles Ferrer, London-based General Partner at Nauta Capital.
“Cloud IQ is an exciting and innovative platform. The team at Cloud IQ are ambitious and are on a high growth trajectory and we’re pleased to continue to be able to support them in this latest funding round.” Finance Wales, Investment Executive Carmine Circelli.
Investing in our team
The funding has enabled us to establish a new engineering teams, senior hires and new offices. We have opened a new hub in Cardiff, Wales, to coordinate sales and bolster customer support, demonstrating our commitment to our customers.
Strengthening our senior management team is a priority, which has led us to appoint Tim Perks as Chief Financial Officer and Nick Peart as Chief Marketing Officer. Perks is a proven CFO in the enterprise technology space, having worked with New Voice Media, Redstone and Baltimore. Peart brings a wealth of marketing experience having worked with leading global brands such as Zendesk, Adobe and Clearswift; he will lead global marketing strategy to drive brand and market awareness of Cloud IQ.
To grow the team and have closed this round of funding so soon after the last one - and with the participation of PayPal - is testament to the momentum we are building at Cloud IQ. Together we are pioneering new technology which makes the internet work better for consumers, starting with eCommerce.