RingCentral Closes $10M Series D Funding Round to Drive Further
Leading Provider of Cloud Phone Systems Continues to Build Momentum
San Mateo, CA, September 8, 2011—RingCentral, the industry leader for cloud business phone systems platform and services, announced today that it has brought its overall funding to over $55M with a new $10M Series D round led by Scale Venture Partners. The company’s other investors include Sequoia Capital, Khosla Ventures, Cisco, DAG Ventures, and Silicon Valley Bank. The Series D funds will be used to support the company’s rapid growth and delivery of new products and services.
RingCentral provides cloud based business phone systems platform and services for today’s mobile and distributed businesses, delivering a cost-efficient and simple solution that addresses the needs of small and medium sized businesses. RingCentral empowers businesses to set up a flexible and robust phone system in just minutes that integrates all of their employees and gives them access to enterprise level phone system functionality. Earlier this year, RingCentral began powering the cloud business phone system solutions for the world’s leading carriers including AT&T and Roger’s Canada, who now offer RingCentral’s cloud phone system solution to their small and medium sized business customers.
“The days of on-premise PBX’s and unwieldy phone equipment are over – businesses need a cost effective and nimble phone system for today’s mobile world”, said RingCentral CEO Vlad Shmunis. “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”
RingCentral provides cloud computing based business phone systems. With top industry honors, including PC Magazine Editor's Choice Award, Small Business Computing Excellence in Technology Award, and the 2010 World Economic Forum Technology Pioneer Award, RingCentral delivers on-demand phone systems that are designed for the modern mobile and distributed business world, at a fraction of the cost of traditional systems. Headquartered in San Mateo, California, RingCentral is privately held with backing from Sequoia Capital, Khosla Ventures and DAG Ventures. For more information, please visit: www.ringcentral.com
For Additonal Information,
Jennifer Dong 650-288-0485