London UK – 19 May – Elastic Teams™ startup Distributed is excited to announce the closing of its £5m Series A financing round to support explosive growth.
Guinness Asset Management is leading the round with additional investment from Fuel Ventures and high-profile industry leaders, Filippo Sarti and Andreas Mihalovits.
Distributed is a fast-growing UK startup that is enabling the adoption of on-demand and Elastic™software teams for the Enterprise and public sector.
This latest funding round brings Distributed’s total funding to over £9m to date. It will enable the company to scale its operations and platform features to ensure continued improvement in customer experience and support its exceptional growth.
Distributed’s proprietary technology allows businesses to harness the power of a globally distributed workforce without shouldering the time and cost burdens of recruitment, qualification, management or retention. This ensures that their digital roadmaps are delivered faster and to a higher standard than ever before.
This funding round follows the company’s £4m Seed investment and 5X growth experienced in 2020, with similar growth projected for 2021.
The round also comes hot on the heels of Distributed’s landmark partnership with Capita plc that was inked in 2020. The partnership has seen the company support Capita’s digital transformation and has accelerated the adoption of Distributed’s Elastic Teams™ across Capita’s network of Enterprise customers.
Callum Adamson, CEO and Co-founder of Distributed, says: “The workforce of the future is on-demand, adaptive, and independent. Distributed is here to enable those independent careers with more benefits than permanent employment, and to ensure that our customers can access high quality, motivated talent effortlessly with our enabling technology. This will see businesses building with smaller, more specialised core teams, supported by an Elastic Workforce of experts that can be deployed to tackle any software goal in support of our customer’s missions.
“This funding round helps us to continue to rebuild work and re-tell its story. It represents a better way to build for our customers, and a brighter future for those pursuing independent careers in the tech industry. The team and I could not be more grateful for the trust and support our customers and Elastic Team™ have shown us over the past couple of years and we are very excited to continue this journey together.”
Ashley Abrahams, Fund Manager at Guinness Asset Management, adds: “Guinness is very happy to be supporting Distributed during this time of industry disruption. The pandemic has made the future of work a reality and startups like Distributed are supporting the significant transformation and re-organisation that many businesses are undertaking. We are excited to support the Distributed team as they work to give businesses access to the world’s best talent at an affordable price, all whilst giving freelancers access to more interesting work and the opportunity to build better careers.”
Jon Lewis, CEO at Capita plc, states: “We’ve been working with Distributed for a year now and in just this short space of time, the company has grown fivefold. It’s a real testament to its unique business model that it has now secured this latest round of investment and we’re excited to be supporting the company as the team takes the next step of their journey.”
Distributed is a tech-enabled startup founded in 2017 on the belief that businesses of the future will thrive without the need for technical development teams in residence. Through the Distributed platform, clients can work with Elastic Teams™️ - fully managed, globally distributed teams - as easily as local teams, allowing them to build and maintain software to a higher standard faster, safer and with more visibility than ever before.
About Guinness Asset Management
Guinness Asset Management is a London-based specialist fund management company, established in 2003. Guinness manages over £3 billion for institutional and retail investors, investing in public and private companies. Guinness is a leading EIS Investor who since 2010 has raised and invested over £200 million into more than 100 companies across the Guinness EIS and Guinness AIM EIS portfolios. Please see www.guinnessfunds.com for more details.
Guinness was supported on the investment by Gateley Legal, Catalysis Advisory, Luminii Consulting, SME Finance Partners, Intechnica, Lockton, and Shoosmiths and was introduced by Buzzacott Corporate Finance.
Capita is a consulting, transformation and digital services business. Every day our 55,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between businesses and customers, governments and citizens. We partner with clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best and making people’s lives easier and simpler. We operate in the UK, Europe, India and South Africa – and across six divisions: Customer Management; Government Services; People Solutions; Software; Specialist Services; and Technology Solutions. Further information can be found at http://www.capita.com