Local software firm Terazo has announced that it has worked out a funding round of about $10 million to help with its hiring efforts and growing partnerships for advanced cloud computing capabilities.
The round of funding was led by Tercera, an investment advisory firm, and Twilio, a major cloud communications platform.
“This will let us handle the increased demand we are seeing and we want to go national,” Mark Wensell, chief executive officer of Terazo, tells Style Weekly.
Founded in 2016, Terazo has been regarded as a rising star in Richmond’s high tech sector. Richmond BizSense named it the fourth fastest growing firm in 2020. This year, the Richmond Times-Dispatch named it a top place to work.
Wensell says that the firm now has 65 employees and that the new funding will help it double that number. “We want to be in a position to expand post-COVID,” he says.
A press release on Wednesday noted that "custom development, automation and cloud integration experienced rapid growth during the COVID-19 pandemic as clients sought to transfer traditional, office-based contact centers and other customer-facing platforms to the cloud."
Terazo is Tercera’s second strategic investment and Twilio is a Terazo partner.
Cloud computing is a fast-growing method of data management by using remote servers. Examples include data centers that have grown extensively in the Richmond area and the state.
Terazo helps firms run on the cloud system from “day one,” Wensell notes.