A global technology company has said it's achieved 800% year-on-year growth since choosing Bristol as its European headquarters.
Pax8, which moved into the West of England 18 months ago, has created a marketplace for IT professionals to buy cloud-based technology products and has achieved so-called 'unicorn' status, meaning it is now valued at more than $1bn.
The company is expecting to create 100 to 150 new jobs over the next four to five years.
Cole Knuth, chief revenue officer at Pax8 EMEA, said: “We’re so proud to say we started our European Journey in Bristol. There is so much creativity in this city, and that’s been shown through the quality of new talent we’re hired over the past 18 months."
The business is planning to develop relationships with "key stakeholders" in the South West tech community as it grows, it said.
“We’re grateful for the support we’ve received from local government, who have endorsed our vision and desire to create jobs in the local economy," added Mr Knuth.
Dr Patricia Greer, chief executive of the West of England Combined Authority (Weca) and Local Enterprise Partnership (LEP), said the company's growth was “testament to the wealth of innovation and digital expertise" in the South West.
"I’m proud of the members of the combined authority’s inward investment arm, Invest Bristol & Bath, who played a key role with helping the company to launch in the UK," said Dr Greed. "Their role was instrumental in connecting Pax8 with significant organisations including the Department for International Trade, expanding its network and visibility."
It has been a record year for inward investment in the Bristol region. In May, the city was the highest-ranked location for foreign direct investment (FDI) in the South West, with 19 projects (up from 12 in 2020). Bristol ranked fifth in the leading cities outside of London for investment after Edinburgh (31), Manchester (31), Belfast (24) and Glasgow (19).
Chloe Cameron, chief people officer at Pax8 EMEA, added: “As a business looking for a highly motivated, energetic workforce, Bristol was the obvious choice for Pax8. We were also looking for a city with a lot of ambitious, energetic talent, and the universities based in and around Bristol were a major draw.”
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