Dataweavers is excited to announce another successful capital raise of $5.5 million in a Series A funding round led by Five V Capital, alongside the Queensland Investment Corporation (QIC) and existing investor OIF.
This strategic investment will empower Dataweavers to expand its Cloud Operations Platform to a broader customer base in the United States, nearly doubling its workforce and solidifying its presence as a global leader in cloud infrastructure management.
The capital infusion will significantly scale up Dataweavers' product and software engineering teams, enabling the company to better serve existing clients such as Toyota and Rio Tinto, while also attracting new customers seeking innovative solutions for managing, deploying, and updating complex applications and technology infrastructure.
Dataweavers' platform simplifies the process of creating and managing digital platforms, offering businesses a streamlined approach that saves both time and money, allowing them to focus on delivering exceptional value to their customers.
Founder and CEO, Ben Shapiro, expressed his enthusiasm about the pivotal moment in Dataweavers' journey, stating, "Having Five V and QIC come on board with OIF is a tremendous boost at a real turning point in the Dataweavers journey. We were fortunate to work with a number of US companies throughout the pandemic, but now we have the confidence and capital to double down building our in-person presence across the US more broadly."
Five V Capital Head of VC, Ed Bigazzi, highlighted Dataweavers as a compelling investment opportunity, stating, "This is a product that solves a very real pain point: how do companies best manage their marketing technology stack? Dataweavers takes away the customer headache of managing the cloud infrastructure layer, with the end result being greater cost efficiency, improved website performance and security, and faster innovation cycles.”
“We were also super impressed with the Dataweavers team led by Ben Shapiro and their detailed understanding of the technical problem their customers are trying to solve.”
The funding round also includes support from the Business Investment Fund, managed by QIC, with the Queensland Government establishing the $100 million fund in 2020 to bolster quality businesses in the region requiring capital for job creation.
In alignment with Queensland's thriving technology sector, the investment is expected to create more than 20 new jobs in product development and software engineering at Dataweavers headquarters in Brisbane's New Farm. The Queensland technology sector, currently employing over 140,000 workers, is projected to grow to 185,000 by 2030, positioning it as a key contributor to the state's economy.
Crystal Russell, QIC Private Equity Partner, emphasised the significance of supporting companies like Dataweavers in the era of enterprise digital transformation. "As organisations focus on optimising digital operations and enhancing customer experiences, the demand for turnkey solutions such as this will only continue to grow."
Read more from Five V Ventures here.
Read more from QIC here.
