British Growth Fund invests £2m in high-growth HeleCloud


HeleCloud, an IT consultancy and managed services provider specialising in highly sophisticated Cloud strategy, implementation, migration and operation services, has received a £2m minority investment from BGF to further accelerate its growth strategy.

The funding will support the company’s services portfolio expansion, the establishment of its presence into further European territories, and the development of new Cloud capabilities.

HeleCloud was founded in 2016 and has grown rapidly and currently has more than 50 employees. It has an exceptional reputation and has already worked on projects with global corporations and household names, and references market disruptors such as Viber, the NEX Group, and Zopa.

Dob Todorov, CEO and Chief Cloud Officer at HeleCloud, said: “BGF’s investment will be instrumental in supporting us as we scale up and out, and we’re looking forward to working closely with them as we continue to grow. The world trend is more and more security-conscious organisations in regulated sectors transitioning to the public Cloud. We are proud to offer a robust service capable of meeting the sophisticated needs of these organisations.”

The business was founded by s Paul McCarthy (Chief Corporate Development Officer), Stefan Bumov (deputy CEO), Alex Kolev (CFO), Simon Rendell (NED) and Dob Todorov (CEO).  Cloud-born, the company delivers sophisticated Cloud migration solutions for businesses with stringent security and compliance requirements. Rather than operating on a ‘lift & shift’ model, the business is able to re-architect a company’s entire IT infrastructure into the Cloud.

BGF’s Alex Snodgrass who will join the board of HeleCloud, said: “The ability to re-design complex IT infrastructure to operate on public Cloud platforms in highly secure and regulated environments is rare. HeleCloud has an impressive pipeline of projects and a highly knowledgeable management team. The market for this type of specialist cloud consultancy is growing rapidly and we’re very pleased to be able to support them at this exciting stage in their growth journey.”

Most recently HeleCloud created a secure AWS-based platform for the electronic trading platform NEX Infinity to process multi-million transaction volumes daily across the globe, and has secured multi-million pound contracts with large European Systems Integrators.

As part of the transaction, Duncan McIntyre, former CEO of Morse plc and Chairman of Monitise plc, will become non-executive Chairman of the company. Currently HeleCloud’s non-executive director and investor, McIntyre is a member of BGF’s talent network of board-level executives.

The investment in HeleCloud was led by Alex Snodgrass, Jack Teasdale and Tim Rea who are based in BGF’s Reading office.

BGF is the UK’s most active investor of patient capital which helps businesses to grow. It has made a number of recent investments in the IT sector including Cardiff-based DevOpsGroup and Manchester-headquartered Miss Group. BGF makes long-term investments for a minority, non-controlling stake in the businesses it backs.

Advisors to the transaction were Wilson Partners and Osborne Clarke who acted on behalf of BGF. FieldFisher advised HeleCloud.