B2B Payments

Investors Back CloudTrade’s eInvoicing Tech

Electronic invoice processing firm CloudTrade has announced the completion of its first investment round, securing £2 million ($2,621,936 USD) from Calculus Capital.

The funds will accelerate expansion of U.K.-based CloudTrade’s services in the U.S. and EMEA, while boosting the business’ second-stage global growth, which is currently over 40 percent globally year over year (YOY). The funds will also be used to hire more employees, as well as deepen its research, development and services into different solutions and sectors.

“It might sound a bit old-fashioned, but the team and I were determined to prove that we had a business solution and model that worked, before we spent other people’s money,” said David Cocks, CloudTrade’s co-founder and CEO. “There is no doubt that we have proved that, with the business growing at over 40 percent YOY globally and now processing over 30,000 documents per day. We are delighted to welcome Calculus on board as investors, and we’re excited to see that growth continue in both our existing and new markets across the globe.”

CloudTrade is one of the fastest-growing eInvoice and eDocument networks, connecting over 200 organizations to thousands of their trading partners across numerous sectors and regions around the globe.

“What the team at CloudTrade [has] done is to streamline the Purchase-to-Pay and Order-to-Cash processes,” said Richard Moore, Investment Director at Calculus Capital. “Utilizing its market-leading, patented technology, CloudTrade provides a uniquely simple and non-disruptive way for trading partners to send electronic invoices, orders and other business documents straight into the receiving organization’s processing application. By doing that, CloudTrade enables users to extract maximum insight and data from those documents, to fully automate and integrate them into their downstream systems. Accelerating both the end user’s digital transformation journey and the efficiency of their business, and ensuring users see back-office savings in the region of 60 percent with supplier adoption rates of over 80 [percent to] 90 percent.”

He added, “Our investment will help CloudTrade to strengthen their global sales and support teams, expanding their platform to cover additional languages and bolstering their presence in the European and U.S. markets. We believe this is an exciting, second phase in the development of a ‘Little British Battler’ with strong global growth potential.”

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