11 Aug 2015

Spoken Communications Closes $28.8 Million Series D Financing From Riverwood Capital And Ignition Partners

Press Releases
Capital To Fuel Spoken's Cloud Technology for Contact Center as a Service (CCaaS) Platform; Investment Brings Funding Total to $54 Million

SEATTLE. August 11, 2015 (PR Newswire) – Spoken Communications, a leading provider of a cloud-based Contact Center as a Service (CCaaS) platform, today announced it has closed $28.8 million in Series D financing. The round was led by Menlo Park-based Riverwood Capital, a private equity firm that invests in high-growth technology companies, with participation from Seattle-based Ignition Partners. The Series D round brings the company’s total funding to $54 million.

The latest cash infusion enables the company to continue its exponential growth in the cloud market while growing its global marketing and sales capabilities.

“Riverwood Capital focuses on working with outstanding innovators to build category-leading companies, and we see Spoken as strategically positioned to dominate the cloud call center market,” said Chris Varelas, a founding Partner of Riverwood Capital. “I’ve seen firsthand the market traction and growth potential of this company, and this financing is a strong vote of confidence in Spoken’s ability to significantly change the way businesses view and deploy customer care services.”

Spoken’s platform enables organizations to reliably, securely and seamlessly scale their customer care services into the cloud, replacing fixed-capacity facilities with a more practical pay-as-you-go service model. The company’s platform, which includes virtual desktop, audio and video capture, and Interactive Voice Response in additional to its Avaya virtualized voice stack, already supports over 40 million contact center minutes per month. With an à la carte services menu, Spoken offers organizations both technological future-proofing as well as an easy place to start into the cloud—an excellent alternative to high-risk migrations.

“Spoken has perfected the delivery of scalable, cloud hosted, customer care services that enable the world’s most valued brands to deliver a far more efficient customer experience,” said Simon Crosby, co-founder and CTO of Bromium and Spoken board member. “This investment and the expertise of Riverwood will enable the company to accelerate adoption of the Spoken cloud platform worldwide.”

“Our goal is to provide organizations the tools they need to provide a better, more personalized customer experience,” said Howard Lee, CEO of Spoken. “The big secret is that if you’ve called in to a wireless provider lately, you’ve probably already experienced the Spoken cloud platform. This latest funding round will help further grow our sales and marketing efforts so that we’re not such a big secret anymore.”

Twice named one of the fastest growing companies in U.S. by Inc. Magazine, Spoken’s customer base has expanded to support 45,000 call center agents. The company posted revenues of $22.5 million in 2014, and it is on pace to top $30 million in 2015.