Funding for Bristol firm aiming to disrupt the outdated employee benefits tech marketplace

April 1, 2022

Cloud8, the Bristol firm that has developed an innovative digital employee benefits platform, has raised £750,000 to further enhance its product.

The investment from from Mercia, which recently launched an office in Bristol, will enable Cloud8 to further build its team and boost its sales and marketing activity as well as add new features to its BEAM at Work platform. 

Launched two years ago, the platform allows employee benefits consultancies and other advisers to deliver services online and improve efficiency and client service.

It aims to fill a gap in the market for an easy-to-use platform that is accessible to companies of all sizes, including SMEs.

It is already being used by a wide range of consultancies and has recently signed a deal with a leading employee benefits provider.

Cloud8 was set up by an experienced management team led by Ian Rummels, who had previously founded employee benefits business Premier Employment Solutions.

Having raised funding in an initial seed round in March 2020, the latest investment, which comes from Mercia’s EIS funds, brings the total raised to £2.75m.

Mercia EIS fund principal Julian Dennard said: “There is increasing demand from employee benefits consultancies for a simple, easy-to-use and affordable technology platform that allows them to deliver employee benefit services to their clients more efficiently.

“BEAM at Work has been designed specifically to service the historically neglected SME market with a product truly fit-for-purpose. Our investment will help bring forward new features, build the team and enhance the sales and marketing activity.

“Following the launch of our office in Bristol, we look forward to supporting more South West businesses in the coming years.

Cloud8 CEO Dipa Mistry Kandola added: “I am confident that, with our current investor support and this investment from Mercia, we will continue to disrupt our stagnated employee benefits tech marketplace with simple affordable pricing, market expertise and an even faster ‘quick and easy’ client deployment process by the end of the year.”

Pictured below: Cloud8 managing director Dipa Mistry Kandola with, from left, Julian Dennard, Rafael Joseph and Ian Rummels


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