According to an SEC filing, cloud-based phone systems provider RingCentral has raised $10 million in its third institutional financing round (with another $851,240 remaining to be sold).
The filing lists previous investors Khosla Ventures and Sequoia Capital – it’s unclear whether the company’s third backer, DAG Ventures, also participated.
Update – Nov.1: RingCentral says Cisco led the round.
RingCentral markets an advanced replacement for legacy phone systems in the form of a hosted business phone system with voice and fax functionality.
RingCentral capabilities are said to include “auto-receptionist, flexible extension structure, multiple voicemail boxes, smart call routing, business answering rules, extension dialing, call transfers, and elegant integration with Smartphones”.
Like Michael Arrington wrote earlier, RingCentral’s phone systems basically make their clients appear bigger than they are.
We pinged RingCentral to ask what the fresh capital will be used for, and if any new investors participated in the round.
RingCentral delivers hosted phone systems that are designed for mobile and distributed businesses, and is the market leader in cloud computing-based telephony. RingCentral helps small businesses manage mobile, fax and e-mail communications. Its core product offering includes RingCentral Office, RingCentral Mobile and RingCentral Internet Fax, with services provided in the US, Canada and the UK. RingCentral, headquartered in San Mateo, CA, is funded by Sequoia Capital, Khosla Ventures and DAG and was founded in 2003 by Vlad Shmunis. Products RingCentral Office is...
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