£1m funding for cloud services firm following merger

A CLOUD services provider from Brighouse has received £1m in funding from investment managers Seneca Partners, just months after a major merger.

Last September West Yorkshire’s Vapour Media merged with Manchester firm EveryCloud , in a deal supported by Finance Yorkshire.

Now, a consortium of partners led by Seneca, including Barclays and Finance Yorkshire, have provided investment of more than £1m. It was arranged by Manchester-based Acceleris. Finance Yorkshire have now committed £1.3m to support Vapour’s growth plans.

It is the first business to get a slice of Barclays’ Innovation Finance Product, and means Vapour Media will change its name to Vapour Cloud.

Vapour has plans to double its headcount to 42 in the next 12 months, as well as a move to larger premises including a demonstration suite.

Tim Mercer, co-founder and CEO at Vapour commented: “In the two years since conception, Vapour has developed over 50 partnerships, securing a number of rounds of equity funding and now has the support of a major high-street bank. The investment from Seneca Partners, Barclays and Finance Yorkshire, is testament to our vision and ambition for being at the forefront of a rapidly expanding and highly exciting area of technology.”

Richard Manley, director at Seneca Partners said: “With the new funding and an experienced senior management team, the combined business now has the firepower to drive significant growth through its unique ‘one-stop-shop’ sales offering. We are excited about working with the Vapour team and supporting them on their journey as they continue to grow.”

David Best, Investment Manager at Finance Yorkshire finished: “From start-up less than three years ago it is encouraging to see that the business has been able to attract significant third party support from new funders who share our belief in the team’s ability to offer differentiated, bespoke solutions to clients’ varying data, voice and cloud requirements.”