XCD secures £2m Series A investment from BGF to fund expansion and acquisitions
The Bristol-based HR and payroll software provider has raised £2m from BGF to support its organic and acquisitive growth strategy.
XCD provides cloud-based human resources and payroll software powered by the Salesforce platform. The company serves clients across the public, private, and not-for-profit sectors.
Bristol-based HR and payroll software provider XCD has secured £2m in Series A funding from BGF. The capital will be deployed to accelerate organic growth, strengthen sales and marketing operations, and pursue strategic acquisitions in the software sector.
Established in 2011, XCD delivers single-solution HR and payroll services to over 30,000 users across 35 countries. The latest injection of capital follows previous backing from tech entrepreneur Vin Murria and aims to capitalise on rising demand for remote workforce management tools.
BGF led the transaction through investors Alex Snodgrass and James Skade, with Snodgrass joining the company board. Advisors on the deal included Field Seymour Parkes and Wilson Partners for the investor, and Moorcrofts for the company.
From the founder
"We are extremely excited to be partnering with BGF with this investment. It not only means our plans are funded, but also gives us validation that an investor with a reputation such as BGF’s believes in what we have achieved up to this point."
Simon Fowler
CEO at XCD
Investor perspective
"XCD has built an industry-leading offering which has fuelled an impressive growth trajectory in recent years. With high profile clients spanning a multitude of sectors and a proven track record of success, the business is poised to build on its growth to date and realise its full potential on a global scale."
Alex Snodgrass
Investor, BGF
Use of funds
- 01Invest in sales and marketing
- 02Fund acquisitions
- 03Scale operations
