Cloud8 secures £750k seed follow on investment from Mercia to enhance its product
Mercia has backed the employee benefits platform with a £750k injection from its EIS funds.
Cloud8 has developed a digital employee benefits platform that enables consultancies and advisers to deliver services online. The Bristol based business serves companies of all sizes, including small and medium enterprises.
Cloud8 has secured £750k in a seed follow on funding round from Mercia. The capital will be directed towards product enhancement, team expansion, and boosting sales and marketing operations.
The Bristol based company operates a digital employee benefits platform known as BEAM at Work. The software is designed to help consultancies and advisers improve efficiency and service delivery, targeting the small and medium enterprise sector.
This latest investment from Mercia brings Cloud8 to a total of £2.8m raised since its establishment. The business previously secured an initial seed round in March 2020.
From the founder
"I am confident that, with our current investor support and this investment from Mercia, we will continue to disrupt our stagnated employee benefits tech marketplace with simple affordable pricing, market expertise and an even faster 'quick and easy' client deployment process by the end of the year."
Dipa Mistry Kandola
CEO at Cloud8
Investor perspective
"There is increasing demand from employee benefits consultancies for a simple, easy-to-use and affordable technology platform that allows them to deliver employee benefit services to their clients more efficiently."
Julian Dennard
EIS fund principal, Mercia
Use of funds
- 01Continue product development
- 02Grow the team
- 03Invest in sales and marketing
