Debt package will enable the continued growth and development of the benefits software platform
London, 12 October 2020: Beringea today announces that Proven Legacy has provided a debt facility of £250,000 to Cloud 8, an employee benefits software platform. The funding package, together with an equity investment provided by Chiltern Capital, will enable the continued development of the Cloud 8 platform as well as fuelling customer growth.
Cloud 8 was spun out from Premier Employment Solutions (PES), a business which also received funding from ProVen Legacy in April 2019.
Cloud 8 was founded by Ian Rummels, founder and CEO of PES. Ian brings more than 20 years of expertise in employee benefits as well as experience in building and scaling Premier Employment Solutions. He is supported by a team of employee benefits specialists and experienced engineers and developers.
The funding provided by ProVen Legacy will be used to expand the development of the Cloud 8 platform and tap into a growing pipeline of potential customers spanning a range of employee benefits providers.
Andrew Webster, Investment Director at Beringea LLP, the Lending Adviser to ProVen Legacy, commented: “Having previously worked with Ian and the team at PES, it is clear that their expertise and experience in employee benefits is key to developing a vital digital solution for the industry. Our investment is testament to the valuable service that Cloud 8 will provide as businesses look to find more effective ways of managing employee benefits.”
Ian Rummels, Founder and CEO of Cloud 8 and PES, commented: “Last year, we recognised a significant opportunity to work with brokers and employee benefit consultants. They’re great at putting pension and health, and risk benefits into employers of all shapes and sizes, but didn’t have access to the right technology.
In a world where you can press a button on your mobile phone and have a pizza delivered to your door, why can’t the average employee find out valuable information on things so important as life insurance, health insurance and income protection – all those sorts of things they need, particularly in a Covid world where we’re all realising the extent of our mortality. Why can’t all that be in one place at the click of a button? We’ve got a passion to change that by digitising the benefits experience and we thank ProVen Legacy for helping us bring Digital Benefits to the masses!”
ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief, an incentive established by the UK government to encourage investment into trading businesses. Investors in ProVen Legacy will benefit from up to 100 percent inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death. Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5 million.