Cambridge, Massachusetts-based Thinking Phone Networks, Inc., has recently announced their latest hugely successful round of funding. This Series D round has raised them $56.7 Million brining their total funding to date up to $89 Million. Technology Crossover Ventures (TCV), the leading technology growth equity firm has lead the round with other investors including Bessemer Venture Partners (BVP) who have invested in the company previously.
Thinking Phone Networks are known as a leading provider for unified communications as a service (UCaaS). With this latest round of funds Thinking Phones Networks is said to grow its staff by more than double by the end of 2015. Additionally, there will be an increased focus on further product developments and innovation, as well as the growth and expansion of its international sales force with boosted customer support services.
Steve Kokinos, the president and CEO of ThinkingPhones is reported as saying “TCV’s investment is great validation of the market as a whole, and more specifically of our vision to transform business communication by developing key mobility-enabled enterprise applications. Communication systems are the only applications that truly have 100% penetration across the entire enterprise—this creates incredible, previously untapped value for business owners in terms of automating processes and uncovering buried analytics. We are the sole company addressing these issues head on.”
Thinking Phones Networks was founded back in 2006 and is already a leading provider of UCaaS services. Their service is designed to integrate its voice, video, text messaging, and collaboration services, for enterprise customers on a solitary cloud platform. This platform is accessible from any device, including desktops and mobile devices. There is also a Thinking Phones mobile app. What really makes this service stand out is that this cloud platform is completely integrated with existing business apps such as CRM and ERP services
Ted Coons, a general partner at Technology Crossover Ventures said, “TCV views ThinkingPhones as a true technology leader that is disrupting the market with a clear and simple value proposition for enterprises: reduced hard costs through decreased IT expenses, and improved soft costs through increased workforce productivity and accountability. ThinkingPhones exemplifies the innovation, strong business growth, and leadership we seek in our portfolio companies. I am pleased to partner with their existing investors, board members, and outstanding management team led by founders Steve Kokinos and Derek Yoo.”