Cloud software firm breaks previous startup financing record in Scenic City

ABOUT SKUID

Begun in 2013 by company CEO Ken McElrath, the cloud software business employs 150 people, including 90 in Chattanooga.


Ken McElrath

Ken McElrath

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Setting a high mark for a round of venture funding for a Chattanooga startup, cloud software company Skuid has raised $25 million in new financing from a pair of West Coast groups.

Skuid plans to use the new funding to bolster research and development as well as sales and marketing efforts, said company spokeswoman Ellie Hildebrand.

“We’re moving full steam ahead,” she said.

Ken McElrath, Skuid’s founder and chief executive, said its customers want to innovate faster.

“This round of funding will help us help our customers to accelerate innovation, delivering more human-centered applications to more companies that need them in much less than half the time required by traditional methods,” said McElrath in a statement.

Some $22.5 million of the new funding came from Iconiq Capital, a global multi-family office and merchant bank for a group of influential families including Facebook founder Mark Zuckerberg, according to Skuid.

Also, $2.5 million came from the firm K1 Investment Management, which had earlier invested in Skuid.

Hildebrand said the new financing surpasses the more than $13.5 million Chattanooga-based moving company Bellhops earlier attracted in new capital, the prior startup record.

Ken Hays,

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