Fuze is no stranger to fundings that trend north of $100 million, but that didn't keep the company's announcement of a $150 million round this week from making a big splash.
The cloud-based communications software company announced Wednesday evening that it had reeled in a fresh $150 million led by Summit Partners, with participation from Bessemer Venture Partners and other existing investors.
The financing brought Fuze’s total funding to a whopping $484.8 million, and sparked conversations of an impending IPO.
In a statement, Fuze’s CEO said the funding will be used to accelerate product innovation and to drive global expansion.
“We have great momentum right now in the enterprise market with the launch of Fuze Web and the new 5.0 platform, and have built an amazing team,” said CEO Colin Doherty in a statement. “This investment enables Fuze to grow and innovate even faster.”
The round comes on the heels of a $134 million round last year, and a $112 million round raised in 2016.
Fuze has aggressively invested in product innovation over the past year. Its recently launched Fuze 5.0 platform helps companies streamline communications and collaboration with external teams including independent contractors, vendors, partners and customers.
The company's other recently launched product, Fuze Web, is an enhancement to the Fuze platform that lets any user or guest enjoy the same experience as Fuze Desktop without needing to install an app or browser extension.
“It’s a very large market we’re going after,” said Brian Kardon, Fuze’s chief marketing officer. “Business communication is going through a once-in-a-generation shift — from on-premise to cloud, from physical to digital, from desk phones to smartphones and tablets. I think communications is perhaps the last great frontier that has not modernized.”
Fuze hopes to be the catalyst for modernization.
“Millennials are entering the workforce looking for the same kinds of fun, intuitive communications tools they have in their personal lives — things like FaceTime, Snapchat, Instagram, Facebook Messenger, WhatsApp, and so many others,” Kardon continued. “They show up for their first job all excited and they are given a bunch of dusty old tools that just don’t work. Fuze combines voice communications, video conferencing and always-on collaboration in an easy-to-use app.”
Fuze employs about 350 people in Boston and 650 worldwide. The Boston-based company is currently hiring for more than 11 roles in areas including product, engineering, operations, sales and HR.
