Denver-based Cloud Elements announced today that it has raised $25 million in Series C funding in a move that will allow the company to expand its software offerings and bring on additional staff.
Cloud Elements is in API integration company, working with hundreds of software companies and large enterprises to reduce the cost and complexity of application and data integration.
Customers include large software platform companies like SAP and IBM; independent software vendors like Axway, DoubleDutch, FinancialForce, Microstrategy and Sage; financial technology providers such as Danske Bank, FIS, PaySimple and Western Union; and digital business units of large enterprises like American Express, Dun & Bradstreet and Xerox.
The Series C round was led by Utah-based growth equity firm Mercato Partners, with additional funding from existing investors Access Ventures, American Express Ventures, Grotech Ventures, Harbert Growth Partners, Rally Ventures and Upslope Ventures. The new round brings Cloud Elements’ total capital raised to $46.2 million.
“APIs are a great way to make software work together, but developers now have to deal with hundreds or thousands of APIs to automate basic business processes. Point-to-point integration can’t scale to address this challenge,” said Mark Geene, CEO and co-founder of Cloud Elements. “We virtualize and simplify API integration to make all APIs work together, look the same and operate the same – using industry standard protocols. We put your application at the center of a digital ecosystem, based on common language and unified data models. As our customers like to say, it’s integration that starts simple and stays simple.”
The Denver-based company currently has 110 employees and is looking to bring on additional employees after this funding. A spokesperson for the company said they're looking to hire across a variety of areas, including engineering, sales, IT, alliances, product and finance.
Cloud Elements currently works out of the Industry RiNo building at 3858 Walnut St. in Denver. With this recent influx of cash and expected hires, the company expects to stay at the space, having the option to expand in the current building if needed.
According to a release, Cloud Elements will use the funding to add new capabilities to its platform, while extending its sales, marketing and customer success capabilities in the U.S. and Europe.
“We see the unique value Cloud Elements creates through a product that streamlines and simplifies the way companies deal with the proliferation of APIs,” said Josh Christensen, principal investor at Salt Lake City's Mercato Partners. “Mark and his team have revolutionized the way companies integrate applications by doing it more quickly, easily and effectively. We’re excited to add Cloud Elements to our portfolio and be part of their future growth in this rapidly expanding market.”
