Pax8a cloud marketplace platform founded in the US, has achieved an astonishing 800% year-over-year growth since choosing Bristol as its European headquarters.
They have created a marketplace for IT professionals to buy cloud-based technology products, earning them coveted unicorn status (a privately-held startup company valued at over $1 billion) after a round. $185 million in new equity from new investor SoftBank Vision Fund 2. This impressive increase brought the company’s total valuation to an incredible $1.7 billion.
Pax8 is making waves in Bristol
The company settled in the Southwest just 18 months ago; Pax8 is fully committed to Bristol and is expected to grow and create 100-150 new jobs over the next four to five years.
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The West of England already has an established thriving FinTech ecosystem and is home to the UK’s largest digital cluster and the highest density of FinTech startups and scale-ups outside of London. As Pax8 continues to expand in the UK and Europe, the Bristol office will serve as Pax8’s headquarters in Europe.
dr. Patricia Greer, Chief Executive of the West of England Combined Authority and Local Enterprise Partnership, said: “This is a great result for Pax8 and a testament to the wealth of innovation and digital expertise we have in the West of England. I am proud of the members of the Combined Authority’s Inbound Investment Department, Invest Bristol & Bath, which played a key role in launching the company in the UK. Their role was essential in connecting Pax8 with key organizations including the Department for International Trade (UK government), expanding its network and visibility.
“As a company looking for highly motivated, energetic employees, Bristol was the obvious choice for Pax8”
“Pax8’s success is part of what has been a record year for inward investment in the region; with a 16% increase in FDI, translating into 43 new FDI over the last 12 months and a total of 94 new projects, relocations and expansions managed by Invest Bristol & Bath, with the potential to generate more than create 3,200 jobs.”
The Invest Bristol & Bath team also helped forge key connections between Pax8 stakeholders and members of the West UK business community.
Cole Knuth, Chief Revenue Officer, Pax8 EMAS, added: “We are so proud to say that we started our European journey in Bristol. There is so much creativity in this city, and it shows in the quality of the new talent we have hired over the past 18 months. As we continue to grow, we are looking for candidates who align with our values and who want to build sustainable careers in technology. At Pax8, we recruit on attitude, not just skills.
“We are grateful for the support we have received from the local government, which has endorsed our vision and desire to create jobs in the local economy. As we grow, we hope to develop our relationships with key stakeholders in the Southwest and within the tech community.”
Chloe Cameron, Chief People Office, Pax8 EMEA, also said: “As a company looking for highly motivated, energetic employees, Bristol was the obvious choice for Pax8. We were also looking for a city with a lot of ambitious, energetic talent, and the universities in and around Bristol were a big draw.”
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