Distributed secures £8m funding round to grow global Elastic Teams community
29 Jun 2022
We've successfully secured more funding with Downing Ventures and Guinness Ventures!
Read the full press release below:
London, 29 June 2022 – Distributed, a provider of on-demand software teams, has secured £8m in a follow-on funding round, co-led by Downing Ventures and Guinness Ventures.
The latest investment will help Distributed capitalise on the growing private talent cloud market, make further improvements to its workforce experience and extend the international reach of its Elastic Team of freelance developers. Existing seed investors, Fuel Ventures, and professional services firm Capita, also contributed to the funding round.
The fundraise tops off a year of rapid growth for Distributed, underpinned by a £30m partnership signed with BT in February. Together with the company’s Series A fundraise of £5m in May 2021, Distributed’s total investment secured now stands at £17m.
In addition to this financial investment, Distributed has also made significant improvements to its platform, acquiring core IP that will accelerate product development by approximately six months.
Founded in 2017, the Distributed platform provides enterprise-scale organisations such as Capita, WPP and the Ministry of Justice with access to fully managed, global teams of highly skilled software engineers and developers. This allows them to build and maintain software faster, more efficiently, more cost-effectively and with more visibility than ever before.
Distributed maintains a workforce of full-time project managers, technical leads and quality assurance professionals that are deployed on every client project. This means every project is fully managed from brief to delivery to ensure the most efficient and highest quality result for the client.
Callum Adamson, CEO of Distributed, commented: “We’re thrilled that Downing Ventures has decided to back us in our next chapter. The Downing team offers a lot more than just funding and their expertise in the sector will provide a value-add that will really accelerate our service. With this new funding, we’ll be able to lean into our goal of internationalising and developing our products and communities.”
Jack Eadie, Partner at Downing Ventures, added: “It’s a fantastic time to be partnering with Distributed to contribute to their growth journey. The quality of work they provide in a specialist field is a very attractive proposition. The team at Distributed are clearly passionate and understand that improving the efficiencies of businesses requires a personalised approach to ensure a positive outcome for the client.”
As further demonstration of Distributed’s growth, the company has announced that its website domain has moved from a ‘.co’ to ‘.com’. This represents a milestone that cements the company’s place as a leader in the world of private talent clouds.