Pax8, the fast growing cloud products marketplace, has raised $185 million in new equity capital from new investor SoftBank Vision Fund 2, increasing its valuation to $1.7 billion.
Following the funding series led by Softbank Vision Fund, with additional contributions from existing investors Catalyst Investors, Sageview Capital, Blue Cloud Ventures and Liberty Global Ventures, Kristin Bannon, Investment Director at SoftBank Investment Advisers, will join the Pax8 Board of Directors.
She said: “Through its marketplace, Pax8 is empowering SMBs with technology solutions they would otherwise not have access to, while simultaneously granting software vendors distribution capabilities to a hard-to-reach customer segment. I am thrilled to join the Pax8 Board and partner with the company on its hyper-growth technology strategy.”
Pax8 simplifies the IT buying experience for small and medium-sized businesses (SMBs) through the IT channel ecosystem by connecting 20,000 managed services partners to a transactional cloud marketplace that provides billing, provisioning, automation, PSA integrations and pre and post-sales support.
Pax8 CEO John Street said: “As we continue to evolve our technology and marketplace to meet the needs of SMBs, the new investment will provide capital to accelerate innovation and continued expansion into new global markets.
This strong funding round reflects the powerful work Pax8 is doing to enable and grow SMBs through our partners, employees, technology, education and support.”