Cloud.IQ, the conversion rate optimisation platform for e-commerce, announces a GBP£4M Series A funding round, led by London based pan European fund Nauta Capital and advised by Armada Ventures. Finance Wales also participated in the round, alongside existing investors Juno Capital.
This latest investment round enables cloud.IQ to continue its rapid growth, international expansion and fuel new product development of the cloud.IQ platform, through which a 0.2% conversion uplift can increase revenue by up to 10%.
Cloud.IQ’s fully autonomous artificial intelligence (AI) platform uses machine learning to enable e-commerce business to significantly increase revenue, at greatly reduced costs. Powered by data and analytics, the platform responds to vast data sets in real-time to trigger personalised customer experiences driving optimum customer conversion results at scale, to deliver huge profits for brands including Samsung, EE and TUI.
“E-commerce technology has only recently converged to enable highly personalised, scalable and automated customer conversion solutions. Our platform provides a game-changing solution against the rising cost of acquisition, so a focus on conversion makes much more financial sense.”
“This round signifies the market relevance that our AI-powered machine learning technology delivers - it means any e-commerce business can dramatically increase revenue with minimal effort and cost." says James Critchley, co-founder and CEO of cloud.IQ. "This funding will fuel our international expansion with global partners, make key senior hires and fast-track our product roadmap.”
“We’re extremely impressed by cloud.IQ’s SaaS licence revenue that is growing at over 100% per annum. Not only does this funding boost momentum to maintain and expedite the company’s future growth, but the AI-based platform cloud.IQ has built is unique and set to become fundamental in the conversion challenge that affects a multi-billion dollar market” points out Carles Ferrer, London based General Partner at Nauta Capital, who led this investment round.
“This is an exciting and innovative platform,” added Finance Wales Investment Executive Carmine Circelli. “The team at cloud.IQ are ambitious and are on a high growth trajectory and we’re pleased to be able to support them with their latest funding round.”
About cloud.IQ: cloud.IQ is an AI and machine learning based automated conversion rate optimisation platform for e-commerce businesses. Powered by real-time data and analytics, the cloud.IQ technology works to optimise the customer journey without requiring any website changes, significantly growing online revenue. Co-founded in 2012 by James Critchley and Paul Phillips, cloud.IQ is headquartered in London with offices in Sydney, serving a global client list including Allianz, Boots, Bose, EE, Hearst Magazines, Samsung, TUI and more.www.cloud-iq.com
About Nauta Capital: Nauta Capital is a pan European Venture Capital firm investing in early stage technology companies. Nauta has presence in London, Barcelona and Boston. Main areas of interest include B2B Software propositions, disruptive Digital Media companies, and enabling technologies for Mobile and the Internet. Nauta has $300+ million under management and invests in Western Europe and the USA. Nauta has led investments in 30+ companies including Brandwatch, Fizzback, GreatCall, Basekit, Eyeview Digital, Scytl, Getapp, ChannelSight, BeMyEye, ForceManager, Incrowd, Privalia and Social Point.www.nautacapital.com
About Finance Wales: The Finance Wales Group is one of the UK’s largest regional SME investment companies and provides growth capital for small and medium-sized businesses in the UK. Investment ranges from £1,000 to £3 million at a time and they offer debt (micro loans and loans), mezzanine and equity investments.Finance Wales can also syndicate/co-invest to ensure an SME has the capital it needs. They invest at all stages (early stage, development capital, as well as succession and acquisition). www.financewales.co.uk
About Armada Ventures: Armada is an advisor to, and investor in rapidly growing but early stage Enterprise SaaS businesses who started life in the UK. They generally engage at late seed phase through to growth rounds, once live paying customers are on the platform and some early revenue growth is evident. Investment size ranges from £30,000 - £300,000 over the life of an investment and they are attracted by driven, focused management teams and founders who are addressing large & growing markets in the B2B sector.www.armadaventures.co.uk
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