XCD, a cloud-based HR and payroll software provider, has secured a £2m investment from the small to medium-sized company investor, British Growth Fund (BGF).
The funds will support XCD’s organic and acquisitive expansion strategy, further extending the firm’s already achieved growth to over 30,000 users across 35 countries.
Based in Bristol, the HR tech company employs roughly 70 staff, and now looks to bolster its sales and marketing capabilities through acquisition opportunities.
Simon Fowler, CEO at XCD, said: “We 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’s believes in what we have achieved up to this point.”
The partnership has pulled BGF’s total investment to £335m in over 50 software and IT services businesses since 2011.
Alex Snodgrass, an investor at BGF who is set to join the board at XCD, said: “XCD 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.”
He added that the value of the company’s “remotely accessible” software “cannot be understated” during the global pandemic.