ThinkingPhones Calls Up $56M to Unify Communications in the Mobile Age
The world of business communications is changing fast with the proliferation of mobile devices, cloud-based software, and video systems. One Boston-area company has been evolving with those trends, and now it has a lot more money to expand.
Cambridge, MA-based Thinking Phone Networks has raised $56.7 million in a Series D financing led by Technology Crossover Ventures. Previous investor Bessemer Venture Partners also participated in the round, which brings the company’s total raised to $89 million since its founding in 2006.
ThinkingPhones makes software that provides voice, video, text, and collaboration services to businesses from one place. The technology also connects those services with business apps for sales, customer relations, and resource planning. The company is trying to replace old, traditional enterprise phone systems with a mobile, cloud-enabled version that does more things.
So far it seems to be paying off: ThinkingPhones says it has hundreds of corporate customers, including CareerBuilder, Hanger, and the Cambridge Innovation Center. The company has about 230 employees and plans to more than double its workforce by the end of 2015.
ThinkingPhones is led by co-founders Steve Kokinos and Derek Yoo, whom Ory said reminded him of himself and Acme Packet co-founder Patrick MeLampy, only 10 years earlier.