UK - SpinVox secures £15m in emergency funds

Deborah
06 August 2009

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London-based provider of voice-to-screen messaging solutions, SpinVox, has reportedly raised in excess of £15m in an emergency round of funding from existing backers.

In March 2008, GLG Partners, Goldman Sachs, BlueMountain and Toscafund invested $100m. The company has raised approximately $200m since 2003.

SpinVox's CEO Christina Domecq has been cited as saying that company finances have been pressured by the downturn in the markets as well as by the demand of strong growth following recent client wins in Latin America. There have also been rumours circulating that the business was having to pay its staff with shares instead of salaries. On top of this, SpinVox has been involved in a legal dispute with its vendors and has been forced to counter claims that its voicemail transcription service is being carried out by humans. SpinVox has reportedly admitted that the company only uses humans if the automated translation machine "needs help".

It has been said that limiting the amount of human interaction in its services will help the company grow its revenues. The funding is intended to help the business move in this direction. Domecq has said that she expects SpinVox to have positive cashflow and scale from a capacity of 30 million up to 100 million users within 90 days.