DFJ Esprit takes stake in CloudApps

CloudApps, a developer of energy management applications, has secured an undisclosed investment amount from technology venture capital investor DFJ Esprit as the business ramps up its international sales operations.

DFJ Esprit joined a group of angel investors in the company including chairman of CloudApps and chairman of salesforce.com EMEA Steve Garnett, CloudApps board director Stephen Kelly and angel investor Erik Tiller in the financing round.

The investment will be used for accelerating sales and product development. CloudApps’ products enable organisations to make efficiency savings and meet sustainability targets by aligning the entire enterprise behind corporate sustainability goals.

Since its launch in October 2009, the company has entered major contracts with Veolia, Norland and LA Fitness.

Newly appointed CloudApps chief executive Peter Grant joined the company in May this year from financial services software firm Actan. He has more than 15 years of software sales success at salesforce.com, Tideway Systems (now BMC), Fujitsu and Siebel Systems (now part of Oracle).

Grant has been tasked with growing the business’s international sales operations. He comments that CloudApps addresses a market, which is growing at a compound annual growth rate of 40 per cent.

CloudApps was recently selected for a UK government-backed US trade mission following customer wins at waste management giant Veolia and facilities management consultancy Norland, as well as accreditation earlier this year for the Carbon Disclosure Project.

Paul Murray, partner at DFJ Esprit, adds, ‘Sustainability software is an important space with strong regulatory and environmental drivers for growth. We are excited to be investing with a prestigious angel group and backing this team with their salesforce.com pedigree.’

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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