Australian-founded consulting firm Sourced Group has closed its first round of investment with more than $22 million.
Canadian-based venture capital company Round 13 Capital led the funding round, along with the US-based Comerica Bank and HSBC.
The $22.1 million is intended to fund Sourced’s global growth plans, including in Australia where the consultancy is looking to expand its presence beyond its current base in Sydney.
In addition, Sourced hopes to fund potential acquisitions, speed up product development and expand current sales and marketing plans.
Founded in 2010 in Australia, Sourced moved its headquarters to Canada in 2018. It currently has vendor partnerships with Splunk, Puppet Labs, Datadog, Trend Micro, Cloudability. and Palo Alto Networks, as well as the public cloud providers AWS, Google Cloud and Microsoft Azure.
Sourced CEO Jonathan Spinks said having the investors on board will provide the assistance needed to reach future goals.
“We're excited to be partnering with Round 13 Capital, Comerica Bank and HSBC," Spinks said. "Having their financial support and expertise will help us execute our vision and fuel our continued growth."
Due to Round 13 Capital’s contribution, its co-founder John Eckert has also been appointed a place on Sourced’s board of directors.
Eckert described Sourced as "well-positioned" to meet future demand for cloud-based IT services worldwide.
"Having achieved trusted advisor status with their clients, we believe Sourced has a brand and track record that is second to none,” he said. “We are thrilled to fund their next leg of growth and look forward to working closely with management to achieve their goals."
Over the last three years, Sourced claims to have seen revenue increase by 267 per cent and its staffing numbers multiply "four-fold".