The employee benefits platform raises £ 750,000 from Mercia
A company that developed a digital employee benefits platform raised £ 750,000 from Mercia to further improve their product.
Cloud8The BEAM at Work platform enables employee benefit consulting firms and other consultants to provide online services and improve efficiency and customer service. It aims to fill a gap in the market for an easy-to-use platform that is accessible to businesses of all sizes, including SMEs. Launched two years ago, it is already used by a wide range of consulting firms and recently signed a deal with a major employee benefits provider.
Cloud8 was founded by an experienced management team led by Ian Rummels, who previously founded Premier Employment Solutions, an employee benefits company. The Bristol-based company lifted its initial seed round in March 2020. The latest round of funding, from Mercia’s EIS funds, brings the total raised to date to £ 2.75 million.
Julian Dennard, head of Mercia’s EIS fund, which recently opened an office in Bristol, said:
“There is a growing demand from employee benefits consultancy firms for a simple, easy to use and affordable technology platform that enables them to deliver employee benefits services to their clients more efficiently.
“BEAM at Work was specifically designed to serve the historically neglected SME market with a truly fit for purpose product. Our investment will help drive new capabilities, build teams, and improve sales and marketing. It has been a pleasure to work with Dipa and the team over the past few months and we look forward to supporting the company over the next few years. “
Dipa Mistry Kandola, CEO of Cloud8, commented:
“I am confident that, with our current investor support and this investment from Mercia, we will continue to disrupt our stagnant employee benefits technology market with simple and affordable pricing, market experience, and a customer implementation process. ‘fast and easy’ even faster by the end of the year. “
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Mercia Asset Management PLC
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About Mercia Asset Management PLC
Mercia is a proactive and specialized asset manager focused on supporting regional SMEs to realize their growth aspirations. Mercia provides capital through its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s “Complete Connected Capital”. The Group initially cultivates businesses through third-party funds under management, then over time Mercia can provide additional financing to the most promising companies, employing follow-on capital from direct investments from its balance sheet.
The Group has a strong presence in the UK through its regional offices, 19 university partnerships and extensive personal networks, which provide it with access to a stream of high quality deals. Mercia currently has around £ 940 million in assets under management and, since its IPO in December 2014, has invested around £ 111 million gross in its direct investment portfolio.
The Group raises its Enterprise Investment Scheme (EIS) funds and manages Venture Capital Trusts (VCTs). Details on open offers are available on the Mercia website.
Mercia Asset Management PLC is listed on AIM under the epic “MERC” and includes the following wholly owned subsidiaries:
- Mercia Fund Management Limited is authorized and regulated by the FCA under the reference number 524856
- Enterprise Ventures Limited is authorized and regulated by the FCA under the reference number 183363
- EV Business Loans Limited is authorized and regulated by the FCA under the reference number 443560
Cloud 8 Secures £ 750,000 Seed Follow On Investment From Mercia – UK Technology Investment News
Source link Cloud 8 Secures £ 750,000 Seed Follow On Investment From Mercia – UK Technology Investment News