CloudWyze, Inc. announces the closing of a new round of funding that will be used for expansion of customer offerings and network coverage. CloudWyze CEO and local entrepreneur, Shaun Olsen, spearhead the capital raise for the company. The round was co-led by current investor, Tobin Geatz, and Yousry Sayed, CEO of Quality Chemical Laboratories (QCL), a marquis CloudWyze customer. The round was oversubscribed indicating substantial appetite for CloudWyze’s innovative approach to solving critical IT issues for small and medium size businesses (SMB).
CloudWyze’s focus on business customers who were not being adequately served by the cable and phone companies has proven to be very successful. Since its formation in 2012, CloudWyze has experienced more than 100% per annum growth rate by taking full responsibility for managing the entire network, from datacenter to desktop. Says Olsen, “We partner with our customers by becoming their remote, virtual IT staff, saving them thousands of dollars while providing them with the latest generation systems without the need and expense of constant upgrades. Olsen explains, “Our business model helps SMB’s leverage the incredible connectivity and flexibility that previously was only available to Fortune 1000 customers through a broad spectrum offering of cloud-based services. Too many providers have ignored rapidly growing, sophisticated markets like Wilmington. It was a niche that was begging to be filled”.
Nowhere has CloudWyze had a more profound impact than with a mission-critical customer like QCL. Yousry Sayed notes, “CloudWyze is a solid company run by well-respected professionals. They provide excellent service, innovative solutions and, most importantly, they care. They are an asset not only to businesses but to the entire community. It is important that we support them so that we can develop world-class suppliers, right here in our own town. I look forward to seeing their company grow and create more high-paying jobs by helping other business owners overcome the daily IT hurdles that they face.” Tobin Geatz, who is also General Partner at Seahawk Innovation, adds, “CloudWyze became critical to me while I was operating a high growth venture in the CRO sector. The ingenious and cost effective solutions CloudWyze provided positioned us to compete against far better capitalized companies in our markets. Like Yousry, I was so impressed with their service, I became an investor.”
Olsen said, “We’re grateful to QCL, Tobin and Dr. Sayed for believing in us. It’s not just about products and profits—at the end of the day, it’s about people investing in people. This latest influx of investment capital will help us to continue our growth. We’re always looking for good people to join our culture and plan to continue creating more and more high paying jobs in Wilmington. We also feel like our services and technologies are giving local, small and mid-tier business the edge they need to grow.”