Tech Solutions Delivery Ecosystem Deazy Raises £5M In Series A Funding From Puma Private Equity
UK-based tech solutions delivery ecosystem Deazy has announced that it has closed a Series A funding round of £5 million ($6.8 million) through investment from a London-based VC firm. The company says that it will use the funding to scale its commercial teams to accelerate growth, double down on its vision of a limitless, flexible, and scalable tech delivery platform, and further build out its development teams.
Founded in 2016, Deazy is a fast growth scale-up that connects enterprises, VC-backed scale-ups, and some of Europe’s biggest agencies with high-quality development teams. Its leadership team blends experience across major UK agencies and consultancies, such as Capgemini Consulting, Accenture, and IPG with Silicon Valley success stories. The company’s core services lower the risk of outsourcing and make high-tech development easy. The company says that its mission is to build the tech of the future, better.
Its tech building platform enables cost-effective, flexible, and scalable development services for its fast-growing clients all over the world. It achieves its goals by working with handpicked teams comprising more than 3,000 developers, providing broad technical expertise and greater capacity and flexibility. The company allows businesses to access an ecosystem of vetted nearshore teams through its platform, bridging the gap with its UK delivery team, and helping its clients benefit from its negotiated volume model.
The £5 million investment into Deazy came from Puma Private Equity, the private equity division of Puma Investments, a fund manager operating from offices in London, Liverpool, and Edinburgh. Deazy says that this investment round will enable it to scale out a team to drive even faster growth in a high-demand segment for development talent. Deazy also plans to hire a Chief Product Officer with high-profile marketplace credentials to sustain the delivery of a market-leading platform experience. The investment from the VC firm allows Deazy to complete its transition to enable a self-serve platform-based experience. This means that every project and interaction would be managed via the Deazy platform, enabling a more efficient and scalable model.
Andy Peddar, CEO and co-founder, Deazy, talks about the company’s plans for the investment by saying, “There has long been a shortage of development talent around the world, but this has only accelerated sharply since the pandemic and the subsequent focus on digital transformation. This opens an enormous window of opportunity for us. Because we work with businesses, not freelancers, we remain IR35-friendly, and we can provide clients with the right talent and skills immediately. The investment from Puma Private Equity will enable us to scale our commercial teams on both sides of the marketplace and take our platform experience to the next level.”
When asked about what the next year of growth looks like for the company, Andy says, “This is a true moment in time for Deazy. Our shift to a platform and marketplace business has opened up incredible opportunities for our clients and delivery partners, and in doing so, also for Deazy as we bring efficiencies to a global problem. Over the next 12 months, we want to scale significantly into this opportunity without compromising on the cultural values or trusted partnerships we’ve built to date.”
Kelvin Reader, Investment Manager, Puma Private Equity, commented on the VC firm’s newly formed partnership with Deazy by saying, “The global demand for developers is vastly outstripping supply, which is what made Deazy such a compelling proposition for us. Deazy connects companies to software developers with a differentiated strategy that has delivered impressive growth to date. Andy has built a fantastic team and platform with an inherently scalable model, and the business has an attractive opportunity to capitalize on strong market fundamentals. We are excited to partner with the Deazy team, working together to grow and develop the business during the next stage of their journey.”
Deazy provides services over a wide range of languages and platforms such as back-end, web apps, CMS, mobile, E-commerce, and more. Readers can visit the company’s website to find out more details about the new Deazy funding (observe other PR releases below).
For more information about Deazy, contact the company here:
0330 043 7482
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