News and resources on cloud strategy, selection, build, migration and operation for banks and fintechs.

Softbank-backed THG Ingenuity invests in cloud technology platform

Source: Civo

THG Ingenuity takes a stake in Civo to leverage Civo’s newly launched managed cloud native Kubernetes platform. The platform will enhance THG Ingenuity’s technology offering

Civo, the first pure-play cloud native service provider, and THG plc (THG), a global technology platform that specialises in taking brands direct to consumers, together announced that THG Ingenuity, the technology Division of THG, has invested £1.4 million to take a minority stake in Civo. Civo’s developer-focused Kubernetes platform will strengthen and accelerate development of the technology stack that underpins THG Ingenuity, its cutting-edge proprietary technology platform.

The deal is THG Ingenuity’s first strategic investment since it announced in May 2021 that Softbank Group had invested $730 million in THG with an option for a further $1.6 billion investment in THG Ingenuity, THG’s cutting-edge proprietary technology platform.

The funding comes at an important phase of growth for Civo as it creates the go-to platform for building cloud-native Kubernetes applications. The platform offers a wealth of simplified capabilities for building scalable zero-downtime e-commerce applications that bolt onto THG Ingenuity.

Civo is currently the fastest managed Kubernetes provider in the world, with a fully usable cluster deploying in under 90 seconds. It’s also the first production-ready K3s platform, the super-efficient Kubernetes distribution that focuses on speed, simplicity and reduced overhead.

As part of the investment, THG Ingenuity becomes Civo’s exclusive datacentre hosting & Enterprise sales partner, accelerating the global rollout of Civo regions to data centres and large development teams around the world.

Mark Boost, CEO & co-founder at Civo, said: “We are delighted to announce THG’s investment which will bring Civo’s technology to more people around the world as we grow our capabilities.

“THG Ingenuity is the leading global platform for end-to-end digital commerce, and I’m proud that Civo technology will now strengthen its cutting-edge technology stack and help brands create frictionless digital experiences for their customers.

“For too long hyperscalers have oversold and underdelivered with shocking cloud bills. THG has already proven that there is a better way forward, delivering a global e-commerce solution that drives down cost. Core to this plan is infrastructure, and core to that infrastructure is Civo - a platform that is leading the way for a cloud native future.”

John Gallemore, CEO of THG Ingenuity said, “We built THG Ingenuity to remove the burden of multi-partner relationships and complex software and infrastructure. In turn, THG has sought best-of-breed partners that help us create the most seamless, effective, and scalable direct-to-consumer retail models in a single, digital platform.

“With Civo we have found the future of home-grown UK cloud native innovation. Civo is a fast and developer-friendly platform for accelerating our digital commerce roadmap. We are delighted to invest in Civo and to support the next phase of growth of this impressive technology success story.”

*Note to editor: THG Plc will take a 9.4% stake in Civo, at a £12.6 million pre-money valuation (c. $17.4 million at the time of writing)

Comments: (0)