Cloud IQ, a UK startup which provides e-commerce conversion rate technology, has secured £4 million in a funding round led by PayPal and including previous investors.

The latest capital investment follows a previous £4 million Series A funding round in March this year, with investments from Nauta Capital, Finance Wales and Juno Capital.

The second tranche of funds will be used to establish a new engineering team, senior hires and new offices.

A Cloud IQ spokesperson said: “To grow the team and have closed this round of funding so soon after the last one - and with the participation of PayPal - is testament to the momentum we are building at Cloud IQ. Together we are pioneering new technology which makes the internet work better for consumers, starting with e-commerce.”

Jeremy Jonker, VP, head of global corporate development at PayPal, added: “Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey. Today, artificial intelligence powered technology is finally able to deliver individualised consumer experiences at scale.

“PayPal is excited to support Cloud IQ as they bring to market solutions that improve the overall shopping experience on both web and mobile.”

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