Cloud Direct, a Bath-based cloud services provider, has secured credit facilities of £1 million through Santander’s Breakthrough programme.
The cash infusion, which marks the company’s first outside funding, will allow Cloud Direct to accelerate its growth strategy and develop its Provide™ cloud automation platform, ultimately generating employment opportunities for 40 new people.
Founded in 2002 by entrepreneur Brett Raynes, Cloud Direct delivers cloud services to small and medium sized businesses (SMBs).
The company has already helped some 4,000 UK organisations transition to the cloud safely and easily, with three core cloud packages: Business Continuity & Security, Office & People Productivity, and Workspace & Application Delivery.
Brett Raynes has extensive experience of founding and running technology businesses in the UK and abroad. He started his first business in 1992, which was sold to a NASDAQ quoted business in 1999.
Following further experience running equity-backed technology businesses in France and Germany, Brett founded Cloud Direct with the intention of building a leading cloud services provider in the UK.
Cloud Direct was awarded best company to work for at the annual CRN Sales and Marketing Awards in 2013, holds an Investors in People Gold accreditation, and is a finalist in the first ever national Investor in People Awards, 2014.
Santander’s funding package includes £1 million Growth Capital investment, which is provided on a cash flow basis – rather than the more traditional asset-backed financing that has hampered the company’s access to external funding.
The Growth Capital loan is part of Santander’s Breakthrough programme, which aims to support fast growth small businesses, to help them accelerate their growth potential. As well as funding, Breakthrough offers companies access to trade missions, business master classes, networking events and support in areas such as finance and marketing.
Brett Raynes, Founder and CEO 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, said: “As a small and fast growing business, traditional debt financing was a challenge, so through the Santander Breakthrough Growth Capital funding scheme, we have worked with the business in developing a relationship, understanding and funding structure to support the management teams growth plans.
“I am delighted we have completed this transaction and look forward to a long successful working relationship with Brett and Cloud Direct.”