Company rises to a $1.7B valuation; funding will provide capital to accelerate innovation and continued expansion into new markets
Pax8, the leading cloud commerce marketplace, today announced it has raised $185 million in new equity capital from new investor SoftBank Vision Fund 2, increasing the company’s valuation to $1.7 billion. SoftBank Vision Fund led the funding series with additional contributions from existing investors Catalyst Investors, Sageview Capital, Blue Cloud Ventures, and Liberty Global Ventures. As part of the transaction, Kristin Bannon, Investment Director at SoftBank Investment Advisers, will be named to the Pax8 Board of Directors.
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Pax8 has cloud-enabled more than 200,000 businesses with its 20,000 managed services partners and its award-winning platform, marketplace, education, support, and solutions. The company offers organizations a unique approach and simplifies the IT buying experience for small and medium-sized businesses (SMBs) through the IT channel ecosystem. Pax8 solves challenges around billing and provisioning, and provides the automation businesses require for scale.
“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,” said John Street, Chief Executive Officer at Pax8. “This strong funding round reflects the powerful work Pax8 is doing to enable and grow SMBs through our partners, employees, technology, education, and support. Year over year, we continue to experience record-breaking growth, and we look forward to working with SoftBank to continue elevating our performance.”
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“Pax8 has disrupted the IT industry, exemplified courage through innovation, and has built the people, processes, and technology to revolutionize the way businesses build and consume technology,” said Nagraj Kashyap, Managing Partner at SoftBank. “Under John’s leadership Pax8 has shown ongoing success and we believe its vision for the future will prove to be transformative for B2B markets.”
“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,” said Bannon. “I am thrilled to join the Pax8 Board and partner with the company on its hyper-growth technology strategy for the platform and cloud marketplace, and new opportunities for the company and its ecosystem of partners.”
