Cloud8 is hitting the recruitment trail after securing a third round of funding worth £1.25m from existing investor Mercia.
The Bristol-based employee benefits platform provider raised its initial seed round in March 2020, followed by a second round in March 2022. The latest investment brings the total investment in the last 12 months to £2m.
The firm said this cash injection will allow it to grow leadership and delivery teams and further reinforce its position in the employee benefits market.
Dipa Mistry Kandola, CEO of Cloud8, (pictured) said the firm was growing awareness among SME businesses.
“In just two and a half years since our seed funding we’re already serving 45,000 employees and more than 200 employers through our 12 EBC and HR technology clients,“ she said.
“We’ve seen amazing growth and are confident that there’s much more to come as we focus on further scaling up with our three product and company ‘uniques’ in mind: simple, affordable pricing; quick and easy to deploy; and market expertise and knowledge.”
Rafael Joseph, investment manager at Mercia, added: “Cloud8’s platform fills a gap in the market for an easy-to-use platform that is accessible to companies of all sizes including SMEs.
“With the number of users rising rapidly, we are pleased to provide further investment to help the company scale and grow. Following the launch of Mercia’s office in Bristol, we look forward to supporting many more south west businesses in the coming years.”