Member Article

Atlas Cloud secure £350k venture capital money to fuel growth

Newcastle-based IT services outfit Atlas Cloud has secured £350k investment from Northstar Ventures and private investors.

Following Bdaily’s recent coverage of the firm’s expansion plans, the investment will now support that strategy on a regional and national level.

The business, which is in its fourth year, designs, builds and manages tailored hosted desktop solutions that allow businesses to access systems remotely, offering flexible working and security.

Corporate finance expert Paul Wigham from Watson Burton acted for Atlas in successfully securing the investment. Funding was provided by Northstar Ventures’ Finance for Business North East Accelerator Fund and a number of high net worth individuals.

Paul said: “It was a pleasure to work alongside Pete and the team on this investment. Atlas is an innovative organisation with a clear vision for growth.

“As leaders in cloud technology they have captured the attention of the national market, helping to further raise the profile of the North East as a hub of exciting high growth tech companies.”

Northstar Ventures focuses on building high growth businesses across the North East. Its Funds are backed by the European Regional Development Fund and the European Investment Bank.

Michelle Cooper, investment manager at Northstar Ventures, said: “We are delighted to be a continued investor in Atlas – we have supported the company from the beginning when it received funding from our Proof of Concept Fund.

“It was a real opportunity for us to back a growing business at a time of rapid interest in cloud technology. It has been great to see the company grow and secure some large customers, including Age UK and J&B Recycling.”

Atlas Cloud CEO Pete Watson added: “We have been well supported by Northstar, Watson Burton and investors – both our existing and new investors - as we closed this round of investment at £350k.

“We would like to thank all parties for their support at this exciting time of our development.”

This was posted in Bdaily's Members' News section by Tom Keighley .