US-based software retail technology provider Pax8 secured $96m yesterday from investors including Liberty Global Ventures, the corporate venture capital arm of mass media group Liberty Global.
Growth equity firm Catalyst Investors and investment firm Sageview Capital co-led the round, which also featured Blue Cloud Ventures, a growth equity firm described – like Liberty Global Ventures – as an existing investor.
Formerly known as Nuage 8, Pax8 produces technology that helps its customers buy and sell cloud software products. Its offering covers billing and ordering, product provisioning, automation, education and pre and post-sales support.
John Street, Pax8’s CEO, said: “This new investment provides Pax8 with the capital to expand globally into new geographies and accelerate the ongoing development of our industry-leading cloud marketplace technology platform.
“We have a unique approach that tightly couples our technology platform with an unparalleled customer experience that simplifies cloud adoption. As we enter into the new year, we are excited about the partnership with Catalyst and Sageview and the new opportunities this investment provides.”
Catalyst Investors partner Todd Clapp and Scott Stuart, co-founder and managing partner at Sageview, are joining Pax8’s board of directors in connection with the round. It had previously raised about $61m in equity funding according to securities filings, most recently securing $41.7m in September 2020.
The company received $520,000 in 2012 before closing a $5.05m round in March 2014 and adding $350,000 the following month, $3.55m in debt financing in 2016 and $13.3m in February 2019.
