CloudPay today announced it has raised $35 million in growth capital. New investor Runway Growth Capital joined existing investors Rho Ventures and Pinnacle Investment Partners to support scaling the business as the company prepares to bring new products to market. This funding comes shortly after CloudPay achieved over 30% growth in 2019 and expects a similar growth rate in 2020.
Paul Bartlett, CloudPay’s CEO, commented, “We are very excited by our momentum, in terms of both revenue growth and enhancements to our market leading solution for processing global payroll. This growth capital, by including new investors, validates our momentum and will enable us to continue to expand the global payroll processing category through new products, services, and selected acquisitions being developed with the input and guidance of our valued customers.”
Read more: CloudPay Raises $35M in Growth Capital