ThinkingPhones, a startup that has developed a cloud-based voice and video streaming service, has announced the raising of $112 million as part of a recent investment round.
Summit Partners led the round of funding and was joined by Bessemer Venture Partners and Technology Crossover Ventures. According to a report on the issue at TechCrunch, this addition brings the total capital ThinkingPhones has gained to nearly $200 million. Even so, Steve Kokinos, the startup’s CEO, declined to speak in much detail about the usual round of questions that involve valuation and an initial public offering.
Kokinos claimed that “the unicorn situation is overdone” and that his company has plenty of cash – therefore, plenty of time – to consider how he would bring it public. And there is no hint yet that he wants to proceed in that direction.
The three previous funding rounds include $16.5 million in 2012, $10 million in 2013, and $56.7 million near the end of 2014. What parties see today is the creation of a company that has taken several years to gain momentum. The company launched its services in 2006 but, as seen above, did not gain a substantial funding round until six years later. The questions surrounding its existence have shifted from its ability to stay afloat to its ability to continue growing at a rapid pace.
The company’s acquisitions have also changed the picture to a notable degree. Its purchase of cloud video company Fuze in 2015 has also spurred it to change is own name to Fuze.
Fuze (the current) operates entirely in the cloud, which gives it the freedom to expand quickly and easily meet the demands of its customers. Its provision of voice, video, and instant messaging to business clients now reaches about 1,500 corporate customers. It targets clients that have at least 1,000 employees and offers them integration with services they may already use, such as the Zendesk customer service or Salesforce customer relationship management software packages.
Its own number of employees has jumped to about 700 as of the end of 2015 (it began the year with only 200 employees). TechCrunch notes that this latest round of funding will help support further growth – a goal of doubling that 700 figure – and expanding into Asia, Europe, and Latin America.