Pax8, a cloud-marketplace platform founded in the US, has achieved a staggering 800% growth year-on-year since choosing Bristol as its European headquarters.

They have created a marketplace for IT professionals to buy cloud-based technology products, which has secured them the greatly-coveted unicorn status (being a privately held startup company valued at over $1bn) after a round of. $185 million in new equity capital from new investor SoftBank Vision Fund 2. This impressive raise brought the company’s total valuation to an incredible $1.7 billion.

Pax8 makes waves in Bristol

The company set up shop in the South West just 18 months ago; Pax8 is fully committed to Bristol and is projected to grow and create 100-150 new jobs over the next four to five years.

The West of England already has an established thriving FinTech ecosystem and it hosts the UK’s largest digital cluster and highest density of FinTech start-ups and scale-ups outside of London. As Pax8 continues to expand across the UK and Europe, the Bristol office will serve as the Pax8 headquarters in Europe.

Dr Patricia Greer, Chief Executive of the West of England Combined Authority and Local Enterprise Partnership, says “This is a terrific result for Pax8 and is a testament to the wealth of innovation and digital expertise we have in the West of England. I’m proud of the members of the Combined Authority’s inward investment arm, Invest Bristol & Bath, who played a key role in helping the company to launch in the UK. Their role was instrumental in connecting Pax8 with significant organisations including the Department for International Trade (UK government), expanding its network and visibility.

“As a business looking for a highly motivated, energetic workforce, Bristol was the obvious choice for Pax8”

“The Pax8 success is a part of what’s been a record year for inward investment to the region; with a 16% increase in Foreign Direct Investment activity translating into 43 new FDI investments and overall 94 new projects, relocations and expansions managed by Invest Bristol & Bath in the last 12 months, with the potential to create over 3,200 jobs.”

The Invest Bristol & Bath team also helped forge key connections between Pax8 stakeholders and members of the West of England business community.

Cole Knuth, Chief Revenue Officer, Pax8 EMAS, adds, “We’re so proud to say we started our European Journey in Bristol. There is so much creativity in this city, and that’s been shown through the quality of new talent we’re hired over the past 18 months. As we continue to grow, we’re on the look for candidates who match our values and want to build a sustainable career in technology. At Pax8 we recruit on attitude, not just skills.

“We’re grateful for the support we’ve received from local government, who have endorsed our vision and desire to create jobs in the local economy. As we grow in size, we’re hoping to develop our relationships with key stakeholders across the South West and within the tech community.”

Chloe Cameron, Chief People Office, Pax8 EMEA, also comments, “As a business looking for a highly motivated, energetic workforce, Bristol was the obvious choice for Pax8. We were also looking for a city with a lot of ambitious, energetic talent, and the universities based in and around Bristol were a major draw.”