Cloud phone service RingCentral has raised an additional $10 million in funding, with a goal of expanding its size and scope.
RingCentral offers cloud computing-based business phone systems to more than 200,000 customers. The service essentially makes small businesses appear larger than they are and gives them inexpensive tools to compete with bigger companies when it comes to phone services. RingCentral offers things like multiple voicemail boxes, call routing, auto-receptionist, extension dialing, call transfers and smartphone integration.
“Businesses need a cost-effective and nimble phone system for today’s mobile world,” RingCentral CEO Vlad Shmunis said in a statement. “Over the past year, we have seen strong growth in adoption of our solutions from businesses in virtually every category, from mom-and-pop retailers to 200+ person companies. We decided to raise additional capital to further drive our expansion efforts.”
San Mateo, Calif.-based RingCentral’s latest round was led by Scale Venture Partners and Cisco. Other participants included Sequoia Capital, Khosla Ventures, Cisco, DAG Ventures, and Silicon Valley Bank. Before this round, the company had raised $45 million, bringing its total funding to $55 million. The company, while small, has also been targeted for a possible IPO in the near future.
Top photo via Spigoo