Unifonic Announces $21M in Series A Funding Round

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ArabNet Team
Oct 17 2018
Investment
Unifonic Announces $21M in Series A Funding Round
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Unifonic, the Riyadh-based communication platform, has announced today that it closed a $21M Series A round of funding. This round was led by STV with the participation of RTF, Endeavor Catalyst, ELM, and Raed Ventures. The startup plans to use the investment to accelerate company’s growth and continue building different communications solutions.

Unifonic was founded in 2006 by Ahmed and Hassan hamdan. It provides cloud-based communication tools to business customers and enables integration of text and voice-based solutions through its API platform. Therefore, Unifonic eliminates the need for costly hardware infrastructure making business communication simple, fast, and cost-effective.

The company has been profitable for over 8 years, has experienced double-digit monthly revenue growth, and has grown to over 100 employees in 5 countries.

“Using the latest cloud communications technology, our company delivers tools and platforms that allow businesses to engage efficiently with customers all over the world,” said Ahmed Hamdan, CEO of Unifonic. “We are excited to be working with STV, RTF and investors from both Silicon Valley and other global markets that provide not only capital but also vast strategic experience in scaling high-impact innovative companies.”

“Unifonic is a great example of the type of founder-driven, capital-efficient business we want to invest in. It has rapidly developed a leadership position in the fast-growing cloud communications market,” said Abdulrahman Tarabzouni, CEO of STV. “The founders have created a profitable and growing technology company, and we look forward to working together to take this to the next level.”