E-commerce software firm Cloud IQ gets £4m from investors including PayPal
E-commerce software firm Cloud IQ has received £4m in new investment from backers including PayPal.
Existing investors Nauta Capital and Finance Wales also participated alongside Juno.
The news comes after the London-based firm closed a £4m Series A led by Nauta Capital earlier this year.
Established in 2012, Cloud IQ leverages AI to reduce the costs of currency conversion for e-commerce companies.
Jeremy Jonker, VP head of global corporate development at PayPal, commented on the news: “Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey.”
“Today, artificial intelligence powered technology is finally able to deliver individualised consumer experiences at scale. PayPal is excited to support Cloud IQ as they bring to market solutions that improve the overall shopping experience on both web and mobile.”
Cloud IQ will use the cash to expand its engineering team, make senior hires and open a new customer service centre in Cardiff (Wales).
The firm, which already has an office in Sydney (Australia), also announced the appointment of Tim Perks, its new chief financial officer; and Nick Peart, its chief marketing officer.
Carles Ferrer, a general partner at Nauta Capital, added: “Cloud IQ’s proposition and market traction is impressive. We are excited by future products that Cloud IQ will bring to market through the opportunities created by this round of funding.”
Carmine Circelli , an investment executive at Finance Wales, said Cloud IQ was an exciting an innovative platform.
“The team at Cloud IQ are ambitious and are on a high growth trajectory and we’re pleased to continue to be able to support them in this latest funding round.”