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Cloud communications company Unifonic closed a $21 million Series A funding round led by Saudi Technology Ventures and Endeavor Catalyst, with participation from funds including RTF ELM and Raed Ventures, this October. The financing is one of the largest Series A rounds in the MENA region and will be used to scale company growth across multiple markets and industries.
Led by Endeavor Entrepreneurs — and brothers — Hassan and Ahmed Hamdan, Unifonic is reinventing cloud communications for emerging markets around the world. The company was selected into the Endeavor network in 2013, and has since received support from Endeavor Saudi Arabia as they have scaled.
Unifonic provides cloud-based communication tools to business customers and enables integration of text- and voice-based solutions via its powerful API platform. By combining cloud-based software, telephony APIs and real-time data intelligence, Unifonic eliminates the need for costly hardware infrastructure and makes business communication simple, fast, and cost-effective.
“Endeavor selects and connects the most promising global companies and entrepreneurs with experienced business advisors to help drive growth and economic development around the world. The founders of Unifonic were selected as high-impact Endeavor Entrepreneurs in 2013, and we are thrilled to announce the Endeavor Catalyst fund is now investing in Unifonic alongside STV as the company continues scaling up,” said Reid Hoffman, Linkedin co-founder and chairman of Endeavor Catalyst and Linda Rottenberg, Endeavor’s Co-founder and CEO, in a joint statement.
Founded in 2008, the company has been profitable for over eight years, has experienced double-digit monthly revenue growth, and has grown to over 100 employees in five countries.
Today, Unifonic provides cloud-based access to more than 720 mobile networks in 190 countries across 9 regional markets, with over 5,000 business customers such as companies like Careem, Dominos Pizza, Jarir Bookstore, HungerStation, and others.
“We are excited to be working with 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,” said Unifonic CEO Ahmed Hamdan.
Tech companies in the MENA region are scaling rapidly, attracting increasing investment from both in and outside of the region, and Unifonic’s Series A is the latest testament to that trend. Over the past two years, Endeavor Catalyst has invested in many of the region’s leading companies, such as Fetchr, Anghami, Mumzworld, and Vezeeta, leading Forbes to dub the fund the “Most Active International Investor in MENA.”
Read more about Unifonic’s Series A round in TechCrunch, here.
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised over $100M in philanthropically donated and invested capital, and invested into 87 Endeavor companies in 21 markets. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina and Yemeksepeti.com (acquired by Delivery Hero) in Turkey. For more information, visit www.endeavor.org/approach/catalyst/
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