As unicorns falter, ThinkingPhones raises $112M to boost cloud-based calling
The sharp decline in venture capital activity that has been recorded over recent quarters didn’t stop ThinkingPhones Inc. from closing a mammoth $112 million round this morning to fund its growth effort. The cloud-based communications provider is rebranding to “Fuze” on the occasion in a bid to reflect the fact that its focus has expanded beyond the mobile VoIP market where co-founders Derek Yoo and Steve Kokinos started their entrepreneurial journey a decade ago.
The name comes from a videoconferencing startup that it purchased back in November as part of an acquisition spree that saw two other competitors bought up since the beginning of 2014. Fuze has extended its value proposition across the full gamut of business collaboration along the way, including most of everything from file sharing to contact center automation. All of its services are integrated in order to give organizations the ability to centrally manage their communications infrastructure.
The feature doubles to support Fuze Analytics, a homegrown business intelligence tool that makes it possible to correlate activity records from across the firm’s portfolio to identify areas for improvement. For instance, a manager could check how much time workers in a globally-distributed unit spend interacting with one another and make more room for meetings on the team schedule if collaboration is found to be lacking. The same functionality can be used to improve the performance of customer representatives and thereby boost revenue.
Fuze’s sales pitch has won over hundreds of organizations including Groupon Inc., General Motors Co., Zenefits Inc. and numerous other big names. Its investor roster is equally impressive, especially with the addition of new backer Summit Partners as part of today’s funding round. The company reportedly plans to use the capital in order to double its headcount by the end of the year, largely through the hiring of new sales personnel throughout Europe and Asia.
Image via bykst
Since you’re here …
Show your support for our mission by our 1-click subscribe to our YouTube Channel (below) — The more subscribers we have the more then YouTube’s algorithm promotes our content to users interested in #EnterpriseTech. Thank you.
Support Our Mission: >>>>>> SUBSCRIBE NOW >>>>>> to our Youtube Channel
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.