BayBG backs Nfon's series-E

Milestone Venture Capital and Earlybird Venture Capital also participated in the round. Earlybird first invested €1m in the company in July 2008, alongside BayBG. This was followed by a further €500,000 from High-Tech Gründerfonds (HGTF) three months later.

The fresh capital has been earmarked for the company's expansion into five additional European markets.

According to the company, cloud telephone systems in Germany will grow from 1.5% to 25% by 2018.

Previous funding
MIG Funds led an investment of between €5-9m in the company in August 2009 together with Earlybird and HTGF. In November 2010, all four previous investors injected a further €4m into NFON's series-C. Bayern LB Capital Partner then joined a €4m series-D funding round in January 2012.

Company
Founded in 2007, Nfon is a cloud-based telephone system for companies including banks, insurance providers, transport providers and the food and beverage industry.

Based in Munich, it also operates in Austria, Switzerland, Netherlands, Hungary, UK, Slovenia, Croatia, Czech Republic, Ireland, Romania and Turkey. The company has 150 employees and 10,000 customers.

People
Martin Czermin is CEO of Nfon. Otto Hopfner is investment manager at BayBG.

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• Topics
• DACH
• Expansion
• Technology
• Germany
• Earlybird
• Bayerische Beteiligungsgesellschaft mbH (BayBG)
• High-Tech Gründerfonds