This has been the TelcoSwitch’s first external funding round, with £2.5m raised through BOOST&Co. The remaining £1.5m has been raised from the company’s existing, long-term investors.
Russell Lux (pictured above), TelcoSwitch founder and CEO, explained, “2020 was an exceptional year for TelcoSwitch. We’ve enjoyed record sales and ranked as one of the fastest growing technology companies in UK. We’ve worked extremely hard to get to this point, and now have a hugely supportive partner in BOOST&Co to help us drive the business forward, continue acquiring other relevant businesses, and accelerate the growth of our base.”
The investment will advance the company’s planned merger and acquisition activities, with three acquisitions underway in exclusivity, to broaden the technology portfolio and increase its customer base.
TelcoSwitch is also looking to significantly grow its number of channel partners. This will be supported through doubling the company’s office space to facilitate up to 100 employees across sales, account management, and support functions throughout the next twelve months.
Kim Martin, principal at BOOST&Co added, “TelcoSwitch is a founder-led business with a strong, high-calibre management team. They’re focused on investing in growth, which will also lead to the creation of new jobs at a time when unemployment is on the rise. This deal will support the continued success of a disruptive telecoms player, while ultimately also supporting economic recovery as a whole, which is why it’s a fantastic one to be a part of.”
This funding round follows strong year-on-year growth, with TelcoSwitch growing over 45 per cent in live seats on its unified communications platform in 2020, and ranking as the 25th fastest growing technology company in the UK by the Sunday Times ‘Tech Track 100’.