Global unified communications as a service (UCaaS) provider ThinkingPhones today announced that it has rebranded as Fuze and closed $112 million in funding led by growth equity investor Summit Partners. This brings the company’s total funding to $200 million. The new capital will be used to expand global operations and support continued investment in innovation, with a specific focus on simplifying enterprise communications.
In 2015, the company grew revenue by more than 100%, adding more than 175 new customers and expanding existing customer relationships.
Expansion across Europe is a key part of Fuze’s growth strategy for 2016. The company has already experienced substantial growth in Europe, increasing revenue from this market by 150% year-over-year and adding 60 new customers in the last 12 months. In addition, the company’s European headcount rose from 15 in January 2015 to more than 120 employees today.
In January of this year, Fuze opened new offices in Germany and Switzerland to run alongside existing full business operations in the U.K., the Netherlands, Denmark and France. A new office has also opened in Australia.
“The way we communicate at work simply doesn’t match up to the experience we expect in our personal lives,” said Luca Lazzaron, Senior Vice President of International Operations, Fuze. “Despite almost two decades of IP telephony and an established UC market, little has fundamentally changed. It’s time for a revolution in workplace communication.”
“The new generation of professionals expect voice, video, and collaboration to be instantly accessible from any device, and they expect it to simply work,” continued Lazzaron. “So many available solutions fall short on these dimensions. Fuze offers a user-centric experience via a truly unified platform – one that leads to a highly productive workforce and high-performance businesses.”
In 2015, MarketsandMarkets valued the total UCaaS market share at $15.1 billion. By 2022, Transparency Market Research projects the global UCaaS market to grow to more than $37 billion in value. The video conferencing market is expected to reach $6.4 billion by 2020, up from $3.6 billion in 2015, and web conferencing is projected to add an additional $2.9 billion in market opportunity by 2017.
“Over the past decade, our mission has been to transform the way businesses communicate,” said Steve Kokinos, CEO and co-Founder, Fuze (formerly ThinkingPhones). “While that mission hasn’t changed, the way we market and sell is evolving. Voice is only the beginning of our story. Work life is dynamic and unpredictable, and the new Fuze is all about flexible, always-on business communications, video conferencing, messaging, and collaboration. When voice, text, data, and video are ‘fuzed’ on a single platform, great things can happen.”
The round of financing was led by Summit Partners, which now joins existing investors Bessemer Venture Partners (BVP), Technology Crossover Ventures (TCV), and G20. Summit Partners Managing Director Bruce Evans will join the Fuze Board of Directors as part of the investment.