Greenwood Village-based Pax8 has been on a growth spree recently. Last February, the company announced its plans to hire up to 1,800 people in Colorado. And last month it announced that it was setting up a remote work hub in Grand Junction.
Wednesday, the company revealed the financial backing it has to make this next stage of growth possible.
Pax8 raised $96 million in new capital in a funding round led by Catalyst Investors and Sageview Capital. In addition, the company announced that Todd Clapp from Catalyst and Scott Stuart of Sageview will be joining its board of directors.
“This new investment provides Pax8 with the capital to expand globally into new geographies and accelerate the ongoing development of our industry-leading cloud marketplace technology platform,” CEO John Street said in a statement. “We have a unique approach that tightly couples our technology platform with an unparalleled customer experience that simplifies cloud adoption. As we enter into the new year, we are excited about the partnership with Catalyst and Sageview and the new opportunities this investment provides.”
Pax8 has created a platform for businesses to buy cloud computing products. Over the last year, businesses have relied more heavily on the cloud as COVID-19 disrupted workflows and forced businesses to adopt more tech solutions and remote work. Many of these businesses have turned to Pax8 in order to shop for these cloud services.
This has resulted in significant growth for the company. Pax8 ranked in the Inc. 5000 list of fastest-growing companies for three years in a row. The company now employs over 500 people, with dozens of roles currently open.