UK tech venture NewVoiceMedia secures £29 million of new funding

A Series E venture capital funding round has been closed by NewVoiceMedia, with participation coming from a host of well-known investors.

New backer Technology Crossover Ventures (TCV) has been joined by Bessemer Venture Partners (BVP), Highland Capital Partners Europe, Eden Ventures, Notion Capital and corporate supporter in NewVoiceMedia’s latest and largest funding round.

The cloud contact centre business, which allows users to make phone calls, is now used by 13,000 ‘agents’ in 40 countries around the world. Without the need to have an on-premises data centre, NewVoiceMedia‘s service means sales and marketing calls can be made on mobiles – with a integration tracking leads and customers.

Its fundraising history spans four years and is now worth $111.3 million. A Series A round led by Notion Capital and Eden Ventures worth $6.3 million in May 2010 was followed by a top-up deal in August 2011 and then $20 million Series B in January 2013 and $35 million Series C in September 2013.

The new capital has been raised to fuel further international growth and improve infrastructure, sales and marketing in North America, Asia Pacific and EMEA.

Commenting on the Series E deal, NewVoiceMedia CEO Jonathan Gale says that it represents a ‘powerful endorsement’ of the company’s technology, market position and strategy.

‘In our last financial year, licence revenue grew at over 100 per cent, outpacing the market fivefold; and as the contact centre industry transitions rapidly to the cloud, our technology leadership, global infrastructure and superior sales and marketing will allow NewVoiceMedia to continue its growth trajectory ahead of the market.’

More on other large technology investments:

New backer TCV, set up in 1995, is based in California – with offices in London and New York. The firm has previously backed well-known companies such as Facebook, Netflix, Spotify and Expedia. General partner John Rosenberg will be joining the board of NewVoiceMedia as part of the deal.

‘TVC’s strategy is to invest in leading growth technology companies with a proven business model,’ Rosenberg explains. ‘We were impressed with NewVoiceMedia’s experienced leadership team, clear vision, relentless focus on excellent customer service, extremely rapid expansion and innovative multi-tenant contact centre platform.’

NewVoiceMedia cites data from Gartner predicting, back in June 2012, that the North American contact centre as a service market would experience a compound annual growth rate of 17.8 per cent through to 2016 as evidence of its expansion potential.

Chris Tottman, founder partner at early NewVoiceMedia investor Notion Capital, says that the technology venture represents a ‘real success story’.

‘Since first partnering with NewVoiceMedia, we’ve seen businesses ranging from large enterprises, to SMEs, transform their businesses globally using NewVoiceMedia’s ContactWorld platform,’ Tottman adds.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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