Bristol-based XCD, a cloud-based HR and Payroll software provider, has raised 拢2m to support its organic and acquisitive growth strategy.
Founded in 2011, the firm has grown to have over 30,000 users across 35 countries benefitting from its range of Salesforce powered services.
XCD received investment from renowned UK tech entrepreneur and investor Vin Murria OBE in 2015, who also took on the role of company Chair.
CEO Simon Fowler joined the business in 2017 to drive a new growth strategy for the business which now has 70 employees.
The backing from investor BGF will support XCD鈥檚 expansion plans, bolstering its sales and marketing capabilities and enabling the exploration of strategic acquisition opportunities.
Simon Fowler, CEO of XCD said:聽鈥淲e are extremely excited to be partnering with BGF with this investment. It not only means our plans are funded, but also gives us validation that an investor with a reputation such as BGF鈥檚 believes in what we have achieved up to this point.
鈥淚t was clear to us from the outset that BGF was a great match given the team鈥檚 extensive experience in the tech sector. We felt they could clearly see what we are trying to achieve in building on the momentum we have created as the UK鈥檚 only HR and Net Payroll solution on the Salesforce platform.鈥�
Alex Snodgrass, an investor at BGF who will join the board of XCD, added:聽鈥淴CD has built an industry-leading offering which has fuelled an impressive growth trajectory in recent years. With high profile clients spanning a multitude of sectors and a proven track record of success, the business is poised to build on its growth to date and realise its full potential on a global scale.
鈥淭he value of XCD鈥檚 remotely accessible, cloud-delivered HR software聽cannot be understated amid the challenges presented for organisations by the Covid-19 pandemic.鈥�