An IT consultancy and managed services cloud provider has received a £2 million investment from Business Growth Fund (BGF).

HeleCloud, based in Maidenhead, was founded in 2016. The funding will support the company's services portfolio expansion, the establishment of its presence into further European territories, and the development of new Cloud capabilities.

"BGF's investment will be instrumental in supporting us as we scale up and out, and we're looking forward to working closely with them as we continue to grow," said Dob Todorov, CEO and chief cloud officer at HeleCloud.

"The world trend is more and more security-conscious organisations in regulated sectors transitioning to the public Cloud. We are proud to offer a robust service capable of meeting the sophisticated needs of these organisations."

The business was founded by Paul McCarthy (chief corporate development officer), Stefan Bumov (deputy CEO), Alex Kolev (CFO), Simon Rendell (NED) and Dob Todorov (CEO).

Cloud-born, the company delivers cloud migration solutions for businesses with stringent security and compliance requirements.

"The ability to re-design complex IT infrastructure to operate on public Cloud platforms in highly secure and regulated environments is rare," said BGF's Alex Snodgrass who will join the board of HeleCloud.

"HeleCloud has an impressive pipeline of projects and a highly knowledgeable management team. The market for this type of specialist cloud consultancy is growing rapidly and we’re very pleased to be able to support them at this exciting stage in their growth journey."

As part of the transaction, Duncan McIntyre, former CEO of Morse plc and Chairman of Monitise plc, will become non-executive chairman of the company.

The investment in HeleCloud was led by Alex Snodgrass, Jack Teasdale and Tim Rea who are based in BGF's Reading office.

Advisors to the transaction were Wilson Partners and Osborne Clarke who acted on behalf of BGF. FieldFisher advised HeleCloud.