Pax8, the US-based operator of an online marketplace for cloud software products, secured $185m on Monday in a funding round led by internet and telecommunications group SoftBank’s Vision Fund 2.
Mass media group Liberty Global’s corporate venturing unit, Liberty Global Ventures, also participated in the round, alongside Catalyst Investors, Sageview Capital and Blue Cloud Ventures. It valued the company at $1.7bn.
Founded in 2012 as Nuage 8, Pax8 provides an online platform where users can buy and sell cloud software products, simplifying the software-buying process for small and medium-sized businesses (SMBs).
Liberty Global Ventures also took part in a $96m funding round for Pax8 in January 2021 that was co-led by Catalyst Investors and Sageview Capital and which included Blue Cloud Ventures.
The company had raised $13.3m in 2019 and $41.7m in September 2020 according to regulatory filings, with Liberty Global Ventures and Blue Cloud Ventures described as existing investors in the 2021 round.
Kristin Bannon, investment director at SoftBank Investment Advisers, which manages Vision Fund 2, is joining Pax8’s board in conjunction with the funding.
John Street, Pax8’s CEO, said: “As we continue to evolve our technology and marketplace to meet the needs of SMBs, the new investment will provide capital to accelerate innovation and continued expansion into new global markets.
“This strong funding round reflects the powerful work Pax8 is doing to enable and grow SMBs through our partners, employees, technology, education and support. Year over year, we continue to experience record-breaking growth, and we look forward to working with SoftBank to continue elevating our performance.”
