BGF joins existing investors in $30m NewVoiceMedia round

Greg Gille
28 January 2016

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Business Growth Fund (BGF) has taken part in a $30m funding round for cloud communications service NewVoiceMedia, alongside existing backers.

BGF invested via BGF Ventures, the £200m dedicated venture fund it launched last year.

NewVoiceMedia has earmarked the fresh funds to finance its international growth plans, particularly in North America. To that end, the business will look to expand its US-based sales, marketing and professional services delivery teams. It will also continue to invest in product development.

NewVoiceMedia has received substantial funding in recent years. In 2014, Technology Crossover Ventures (TCV) led a $50m series-E funding round for the company, alongside a group of the company's existing investors. TCV was joined in the round by existing backers Bessemer Venture Partners, Highland Capital Partners Europe, Eden Ventures, Notion Capital and US cloud computing business salesforce.com.

In September 2013, Bessemer led a $35m round with participation from Eden, Notion and Highland. The capital was also earmarked for international growth. In January 2013, NewVoiceMedia raised $20m – the round was led by MMC Ventures and Highland; it also saw Eden and Notion commit capital. Prior to that, NewVoiceMedia received two joint investments from Notion and Eden in May 2010 and July 2011. The company's first bout of funding totalled £4m, with the second bringing in a further £2.5m.

Company
Founded in 2000, NewVoiceMedia is headquartered in Basingstoke and provides cloud-based call centre communication services, which integrate with the Salesforce tool to connect organisations with their customers.

In the year ending July 2015, NewVoiceMedia generated revenues of £14.9m, up from £9.5m the previous year. Gross profit reached £10m compared with £6m in 2014, but heavy administrative expenses and selling and distribution costs meant the company posted a £19m loss before tax.

People
Business Growth Fund – Rory Stirling (partner).