CLOUD DIRECT ON CLOUD NINE AFTER FUNDING BOOST FROM SANTANDER’S BREAKTHROUGH FUND
A Bath-based cloud services provider has secured growth funding from Santander, with the company’s founder hailing the funding as a “terrific boost to our ambitious growth plans”.
Cloud Direct, which was set up by entrepreneur Brett Raynes in 2002, plans to use the cash injection to accelerate its growth strategy and develop its cloud automation platform.
Santander is offering a growth capital loan provided on a cash-flow basis as opposed to the more traditional asset-backed financing that has restricted Cloud Direct’s access to external funding in the past.
Raynes, founder and chief executive officer at Cloud Direct, said: “Speed is of the essence in the cloud services business, and this funding is a terrific boost to our ambitious growth plans.
“It will accelerate the development and marketing of our packaged cloud services and help us provide our customers and partners with innovative management and support platforms.”
Darren Hart, head of growth capital at Santander UK, added: “I am delighted we have completed this transaction and look forward to a long, successful working relationship with Brett and Cloud Direct.”
Isca Ventures provided transaction support services within this transaction. Raynes added: “The transaction support provided by Isca Ventures was essential to our fund raising process. We valued their commercial, hands on approach.”