Wavecell raises $8m series B to connect companies to customers through text, video
The Wavecell team. Photo credit: Wavecell.
Singapore-based Wavecell announced today it has raised US$8.15 million in an oversubscribed series B round.
The round is led by Singapore-based venture capital fund Qualgro, which led Wavecell’s series A round last February. New investor MDI Ventures, which is the corporate venture capital arm of Telkom Indonesia, joined this round. Existing investors like Wavemaker Partners and other new investors also participated.
Wavecell develops digital telecommunications products that help companies reach their customers through messaging and live video chat. The startup creates APIs that allow its customers to integrate the tech on their websites, apps, and services.
For example, its tech helps power Grab’s two-factor authentication through SMS, or Lazada’s text notifications that let you know your order has been received. It can also provide SMS campaigns, analytics capabilities, and technical support.
Wavecell will use the fresh funding to strengthen its position in the region and establish collaboration with more local and international mobile carriers. It’s also looking to staff up across its various markets.
The company started out from Singapore, bootstrapping for five years before it raised external funding. Now it has seven offices worldwide and claims to have increased its customer base by 300 percent.
Filipino startup EngageSpark, which provides similar digital telecommunications services but with a focus on phone calls and text messages, raised an undisclosed amount of funding last week, in a round led by 500 Startups.