In 2018, David Cocks Founder and CEO of CloudTrade, the leading provider of e-invoicing, e-order and complex data-capture services, participated in the Great British Scaleup Programme of TechMarketView, supported by ScaleUp Group. He was encouraged by John O’Connell, Founder and Executive Chairman of ScaleUp Group to seek more growth funding than he had in mind initially. After John introduced David to a number of funds, £2.2 million was raised, primarily from Calculus Capital, but also including the participation of the majority of ScaleUp Group’s membership.
Three years later, all parties are enjoying the return of a multiple of their original investment from the just-announced acquisition of CloudTrade by Advanced, one of the UK’s largest providers of business software and services.
David Cocks said “I was reluctant at first because I thought we were not big enough to justify a valuation which would avoid excessive dilution of my shareholding and that of other shareholders. ScaleUp Group ensured that did not happen. In the intervening period I have enjoyed the relationship with ScaleUp Group members including very valuable involvement in their regular CEO Forum.”
John O’Connell commented “We saw in CloudTrade a business with an excellent leader in David Cocks and with great growth potential. Adapting to having an external investor, regular board meetings, and the other formalities inherent to obtaining funding from an institutional investor in a Series-A round is not straightforward for many entrepreneurs. David and his colleagues adjusted very well, and this outcome is proof. It is especially pleasing that the ScaleUp Group both started and completed this process, with another ScaleUp Group member, TechMarketView Managing Partner Anthony Miller, who was instrumental in setting up the relationship through the Great British Scaleup Programme, and with Paddy MccGwire, who with his team at Silverpeak advised David and his colleagues throughout the successful sales process.”